Contract Payment Retention

Overview

The System will identify and present payments already made and future payments to be honored by the government to a Vendor or Service Provider on a government sanctioned Contract based on the contractual requirements.  For example, if the Project life cycle runs for a period of 18 months and the related Contract calls for payments to be made on three installments.  The application captures this information displaying the Payment sums and related Dates along with all pertinent Project information and details.

Payments can be planned and scheduled according to Contract details.  Payment authorization can be done after receiving the invoice from the Vendor, having the Good/Service/Work received and accepted; Inspection (or assessment report when applicable) and the Payment is according to the Payment schedule.

The System controls Payment Advances and Payment Retentions with maximum limits according to different items or activities within the Contract.

Retentions have an ending period during which Contract Payments are retained.  This is used to ensure the proper Good, Service, or Work is provided.

Navigation

• Field	Description
  ID	Unique identifier for the Payment Retention
  Active	If true, Retention is active and the System must take it into account in order to complete Payments.  If false, Retention is inactive because its period ends or the user change this attribute manually to false.  Default value is true.
  Managed Contract	Contract ID.
  Line Item	A Payment Retention must be referenced to only one Line Item (or Activity) of the Contract.
  Document Number	Reference number of the approval document or related document.
  Document Date	Reference date of the approval document or related document.
  Creation Date	Date when the Retention is created.  System auto-generated.
  End Date	Date when the Retention period ends.
  Percentage	The percentage of amount of payment to retain.This is not a mandatory field. If value is entered, the amount field is updated based on the Percentage value. If not entered by the user, its calculated by the system, based on the value entered in the amount field.
  Amount	Dollar amount of Line Item.
  Current Retained Amount	Amount of Payment currently retained.
  Employee Responsible	Employee who already recorded the Payment Retention.  This attribute is automatically generated by the System.
  Language	Language Used.
  Description	Brief Description of Line Item Drop.