Knowledge is power, and this is never truer than in construction cost management. Better financial visibility and control can save businesses from the costly mistiming of outstanding payments.
iTWOcx Contracts Administration brings project budgets, contracts and payment information into one central database, enabling users to organise multiple project budgets together in real-time.
Users can maintain control of outstanding costs, manage payments smoothly and see the effects of variations at a glance. iTWOcx Contracts Administration ultimately frees up resources and improves productivity so managers can administer more contracts.
Manage Project Budgets and Raise Contracts
Cost management can be streamlined with the right structure. Within iTWOcx Contracts Administration, users can create project budgets from estimates and add contracts against line items. iTWOcx lets users break down costs into multiple line items and set contract securities such as retentions, allowing for greater control over important specifics in contractual agreements.
Complete Visibility on Variations
Users can manage numerous types of variations and see the real-time effects of both approved and unapproved variations on the budget. This freedom allows managers to experiment with different solutions without losing sight of budgetary restrictions.
Manage Claims and Payments with a Full Audit History
Contractors can enter their claims directly into iTWOcx and upon approval, the system will automatically generate payment schedules and update budgets for effortless cost management and compliance. Each line item in the budget has its own full audit history, where users can see all cost management activity such as progress claims, contract variations, payment certificates and budget transfers.
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