Efficiently Manage Project Contracts
ARES PRISM Enterprise includes key project contract management capabilities. Whether you are an Owner, EPC or Construction Management firm, you can take advantage of this functionality to create prime contracts, manage Request for Proposal (RFPs), conduct bid analysis, create contracts with pay items, and award committed contracts.
Complete Contract Lifecycle Management
Streamline your RFP process
Improve bid analyses
Transform contract administration
Even fixed-price contracts are subject to change and need to be managed (baseline budget, approved budget, control budget, financial budget). ARES PRISM Enterprise offers staff planning for client personnel managing fixed-price contracts for Owner/Operators. You can monitor who is charging their hours on what contracts and their utilization. ARES PRISM Enterprisealso offers risk management via its trends and risk register features.
- Collect contract bids, perform bid analysis, and award contracts
- Add contract changes and send updated commitments to Cost Management for project reporting
- Evaluate contract performance and calculate accurate progress
- Record invoices and payments to complete contract transactions
Contractor Database & RFP Generation
ARES PRISM Enterprise houses a contractor database at the enterprise level. The database stores key contractor details like ID numbers, products, services offered, and contract information. When a project organization is in need of acquiring a new product or service, they can create an RFP (Request for Proposal) in which they list needed items or tasks as Pay Items. Bidding contractors then fill in their pricing for the described items and quantities on the RFP. Contract managers are able to add bidders from the contractor database, which is filterable by criteria such as location and requests needed.
Invoicing & Paying Contractors
PARES PRISM is outfitted with an invoicing module that allows awarded contractors to be paid when they complete tasks or when items are received. A progress claim that references a percent complete of the work done can be submitted…. Via the Contractor Portal, contractors and vendors can access their contract pay items.
Performing Bid Analysis
Once RFPs are received back from the contractors who are bidding, the contract administrator can update ARES PRISM with the received proposals’ data.
Contract managers are able to award contracts. The contract system copies the winning contractor’s data and updates their award status. The system generates a letter of award from the previously entered data. Likewise, letters of regret can be created auto-populated for the losing contractors. Since ARES PRISM Enterprise is an integrated system with both cost and contract management capabilities, committed costs within the newly awarded contract can be compared to the project’s estimated project costs.
The PRISM Difference
- Accurately track, manage and pay for complete work
- Manage change through negotiation and approval
- Track progress to determine earned payment amounts