Efficiently Manage Project Contracts
PRISM Contracts is contract software for project management. PRISM Contracts is an essential contracts management tool, whether you are an Owner, EPC or Construction Management firm. Customers take advantage of this solution 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). PRISM Contracts offers staff planning for client personnel managing fixed-price contracts for Owner/Operators. With PRISM Contracts, you can monitor who is charging their hours on what contracts and their utilization. PRISM also 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
PRISM Contracts 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 within PRISM Contracts. 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
PRISM Contracts 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. ARES PRISM project software calculates the cost of work completed and generates an invoice. These invoices are referred to as progress payment certificates.
Via the Contractor Portal in PRISM Go, contractors and vendors can access their contract pay items. They can download them as a spreadsheet to update proposed values, and then import the data back into the system for review by the contract administrators. Contractor administrators are notified when contractors update their data, and they can approve or make changes to the submissions. If approved, a progress payment certificate is generated. If rejected, contract administrators can adjust the values and send the changes to the contractor.
Having robust, integrated contract management software in place helps projects run more efficiently and saves time, and ultimately money, on projects.
Performing Bid Analysis
Within the contract management system, choosing contract bidders is easy. The system can generate a bidders list report and creates standardized cover letters for each bidder. Once RFPs are received back from the contractors who are bidding, the contract administrator can update PRISM Contracts with the received proposals’ data. Once entered, a spreadsheet can be generated for bid analysis. Bid analysis is a side-by-side comparison of contractors’ bids.
Contract managers are able to award contracts within PRISM 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. With an integrated system that is also utilizing PRISM Cost, our enterprise cost management software, 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