Construction Procurement Software Features - Subcontracts

Once you have set up a Prime Contract, you are able to issue Subcontracts and Purchase Orders. Both of these types of financial transactions are shown as committed costs in Corecon’s job costing reports. The difference between Subcontracts and Purchase Orders is that for Subcontracts you can document revisions to the scope of work through Subcontract Change Orders (SCO) and Subcontract Invoices can have retainage held (holdbacks).

To Create Subcontracts, the process is similar to setting up a Prime Contract. For each Subcontract, you can define the scope of work, list the inclusions, exclusions, contract documents, and break down the contract amount using schedule of values. Like Prime Contracts, there are four types of contracts available: fixed lump sum, cost plus with or without a guaranteed maximum price, and unit price.

Subcontract reporting capabilities are extensive in Corecon, providing you with detail and log reports. In addition, Word templates are available for you to customize your own subcontract including legal verbage and logo. The Subcontract information entered in Corecon will appear in the template using Microsoft Word's Bookmark and Mail Merge features.

For many companies, tracking insurance for their subs and suppliers is important. To aid in this process, Corecon has checks in the system when entering POs, Subcontracts, SCOs, or Sub Invoices and will warn the user if the sub/supplier has expired insurance.