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Systematize Sum Contract Feature

The Systematize Sum Contract feature simplifies the management of contracts for businesses. It enables you to streamline processes, save time, and reduce errors in contract handling. With this feature, you can rest assured your contract management is efficient and reliable.

Key Features

Automated contract creation
Real-time tracking of contract status
Built-in reminders for renewal dates
Centralized document storage
Customizable templates for different contract types

Potential Use Cases and Benefits

Managing supplier agreements to ensure compliance
Facilitating sales contracts to speed up closing processes
Overseeing employee contracts for clear terms of employment
Enhancing legal agreements with better organization and retrieval

By using the Systematize Sum Contract feature, you address common challenges in contract management. It reduces manual work, minimizes the risk of missing key dates, and helps you stay organized. With better control over your contracts, you can focus more on growing your business and less on administrative tasks.

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A lump sum contract (or stipulated sum contract) is the traditional means of procuring construction, and still the most common form of construction contract. Under a lump sum contract, a single 'lump sum' price for all the works is agreed before the works begin.
When to Use This Type of Contract A lump-sum contract is a great contract agreement to be used if the requested work is well-defined and construction drawings are completed. The lump-sum agreement will reduce owner risk, and the contractor has greater control over profit expectations.
Lump sum (or stipulated sum) contracts are sometimes referred to as 'fixed price' or 'firm price' contracts, although strictly this is not correct. On a lump sum contract, a single 'lump sum' price is agreed before the works begin.
Lump Sum or Fixed Price Contract Type This type of contract involves a total fixed priced for all construction-related activities. Lump sum contracts can include incentives or benefits for early termination, or can also have penalties, called liquidated damages, for a late termination.
8. Lump Sum Contract(Advantages) Low risk on the owner, Higher risk to the contractor Cost known at outset Contractor will assign the best personnel Contractor selection is easy. 9. Lump Sum Contract(Disadvantages) Changes is difficult and costly.
With a lump sum contract, all the risk is placed on your contractor. Cost plus, you take on all the risk. Everything is billable, and the contractor has no risk for this. In return, you might be charged a lower markup.
Lump sum (or stipulated sum) contracts are sometimes referred to as 'fixed price' or 'firm price' contracts, although strictly this is not correct. On a lump sum contract, a single 'lump sum' price is agreed before the works begin.
A Lump Sum contract price will always be lower than the Guaranteed Maximum Price in a GMP/Cost-Plus contract because the GMP/cost-Plus contract will include a construction contingency (typically 5% plus or minus that is not included in a Lump Sum contract amount.

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