Control how you define a contract's value

We've updated the Contract Value field to give you more options, and more control, over how you define your Contract's value

The value of a Contract is an important attribute of most financial agreements. intelligentcontract provides features to allow you to accurately record the value of a Contract. Contract Values can be specified in a simple way - by typing the value of the Contract and having that value displayed as it has been entered - or advanced options can be used to calculate the value of a Contract based on a breakdown of a Contract's Value. Additional Advanced options also give you more ways to display the Contract Value.

Simple Contract Values

For most Contracts using the standard Contract Value will be sufficient. You are able to specify a value for the Contract and then whether that value is a "one off" value or a regular amount, for example, monthly.

For example, for a rolling Contract that has a value of £100 per month, you are able to specify exactly that charge. The screen below shows how this contract value can be specified.

Fig 1 - Contract Value

The "No Value" option allows you to specify that a Contract has no financial value. This allows you to distinguish between a zero value contract and a Contract that has no financial value.

Note: If your Contract Value is a single payment and it doesn't recur, then you are able to specify that the Contract Value has a frequency of "once"

Advanced Display Options

By clicking on "show advanced Options, you will be able to see additional features that allow you to control how the contract is displayed. You are presented with 4 display options:

Fig 2 - Contract Value Advanced Options

You can choose one or more of these display options at once. So you are, for example, able to display an annual value along with the value "spent" on a Contract up to end of last month.

Note: When a value is displayed an icon will be displayed next to the value to indicate the period to which that value is applicable. Figure 3 below shows examples of the icons. For example, M indicates a Monthly value, O indicates a value that only is applicable Once and L indicates that the value shown is a lifetime value.

Choosing the Value to display on the Summary Screen

Having used the tick boxes to decide which of the display options you would like to use, you can also decide which of these options will be displayed on the Contract Summary screen. You are able to click on the "star" next to the option to be used on the Contract Summary. These can be different value options for each Contract. By default, the Lifetime value will be used as the summary value for a Contract.

Approximate Values

You may see that the Contract Value specified as being approximate. This is indicated when the value is preceded by a "~" symbol. Approximate values are displayed when the display option chosen is of a different frequency to the specified value. For example, When a "Daily" value is requested when the value is specified as a "Monthly" value. Values are approximate due to the varying numbers of "days in a month" and "weeks in a month".

Calculated from Financials

If you need to capture more detail about the pricing of a Contract then you can use the "Use Financials to Calculate Value" option. When this has been checked, the system will use the records in the Financials tab in order to calculate the value of the Contract.

Fig 3 - Financials Tab

You are able to add as many records as required to describe the price of a Contract.

Exclude a Record from the Value Calculation

You may wish to exclude one or more values in the Financials tab from the overall calculation of a Contract's Value. This may be when a "set up" fee or another type of one-off payment is recorded in the Financial tab, but you don't want this value to distort the monthly or annual values or it may be that new pricing for a Contract comes into operation and you want to preserve the old pricing but not include it in the Contract Value.

Add a Discount

If the Contract value is discounted then this can be identified on the financial record concerned, you can enter either numeric or percentage values.

Start and End Dates

If the price of a Contract does vary over time (for example, the price may change from year to year) then you are able to specify the start and end dates for each Financial record. This will allow you to put an an end date against the old price and a start date against the new price. For example, if you had a £300 2-year Contract, where year 1 had a value of £200 and year 2 had a price of £100 then you could create two Financial records:

Note: Where a start date for a Financial record is not specified (i.e. left blank), then the Contract start date is assumed. Similarly, if a Financial record end date is not specified (i.e. left blank) then the Contract end date is assumed. In addition, if the Contract start or end dates are left blank but a Financial record is provided with a start or end date, then these will be assumed for the contract start or end dates.

intelligentcontract is a highly customisable solution that provides a hub to store all your important contract paperwork plus you get loads of useful tools that make your contract management process a breeze. We don't have a limit to either the size of documents of the total amount of storage - so you don't have to worry about extra bills if your central store of documents gets big.

Pricing starts at £9 per user, per month. For more information, to get a free trial or to organise a demo give us a call on 0333 344 3905 or visit www.intelligentcontract.com