Contract Management Process Overview

Templates and Contracts

  • All contracts are managed via DocuSign.

  • Word documents for contracts are stored in "Miller's Coastline legal contract folders".

  • Mentioned types of agreements include "Work authorization agreement".

Contract Update Process

  • Procedure:

    1. Access the contract from the legal contract folder.

    2. Review and ensure all sections are updated.

    3. Replace placeholder names with client information.

    4. Add colleagues' names (e.g., Alyssa) for notifications upon signing.

    5. Update project-specific details (e.g., project address: $6716 ext{ Keystone Drive}$).

    6. Confirm required fields and sections for signature.

  • Project details to include:

    • Client name: e.g., "Dolores Rivas-Richie".

    • Description of work (e.g., "Residential remodel").

    • Initial deposits and payment structure.

Payment Structures

  • Initial Deposit Handling:

    • Always aim to collect the initial deposit before commencing work.

    • Standard recommendation: at least 20% of the total project cost as a deposit.

    • In practice, the deposit may vary based on client discussion and negotiation.

  • Payment Terms:

    • Example: Initial deposit of $3,000; subsequent payments could typically be $25,000.

    • Aim to keep larger payments manageable, potentially $50,000 for larger projects.

    • Payments must align with contract agreements (e.g., cost-plus arrangements).

Document Handling and Verification

  • After finalizing the contract, it is sent to Lance for review and signature before forwarding onto the client.

  • Signed contracts are stored in designated folders for records.

  • Ensure all relevant documents (contract, estimates) are added to QuickBooks after signing.

Smartsheet and Project Budgets

  • For entering contracts into Smartsheet:

    • Do not delete lines in Smartsheet; use filters to hide unused lines.

    • Assign relevant costs, line items, and ensure proper budget tracking.

  • Dashboard Integration:

    • Link invoices to specific Smartsheet dashboards once created.

    • Provide clients access to view their budget, payments, and project status.

Invoicing Process

  • All invoices include a note section linking back to the Smartsheet dashboard for client access.

  • Maintain standard verbiage and amounts for each invoice, updating necessary details as needed.

  • Clarifications on project names, billing details, and specifics for deposits and invoicing are included.

General Project Processes

  • Discussions on handling deposits, client communications, and project follow-ups were emphasized.

  • Communication with clients:

    • Ensure clarity on deposits and contract understanding, promote following the standard process.

  • The importance of maintaining relationships through proper documentation and payment agreements highlighted the ease of project tracking and execution.

Summary

  • Key Takeaways:

    • Keep thorough documentation.

    • Engage clients through structured processes.

    • Manage payments and contracts transparently and efficiently.

    • Use digital platforms like DocuSign and Smartsheet optimally for project management.

Overall, the outlined procedures ensure effective contract management and client interactions for project execution.