Use this activity to add contract default values. The default values can be entered at the same time as when inserting all the other data on the contract header, or at a later date. The default values will be used throughout the contract unless they are manually overridden. Some of the default values are automatically copied to the items at the time they are created, whilst others use the contract default value if left empty on item level.
It is also possible to use default values for adjusting and simulating different scenarios or versions of the contract by adjusting the default values impacting the calculations (e.g. mark up percentages, retentions, discounts etc).
When a new contract is created, values will appear automatically in some of the fields. They can be changed if required.
Note that changing contract default values will not affect frozen contract revisions.
It's possible to define a maximum retention amount for sales contracts.Some contracts requires a limit for the accumulation of retention. Defining such a maximum retention ensures that even if the contract value increases the retention amount is limited to the amount agreed in the contract initially. Once the accumulated retention amount has reached the maximum amount the accumulation will stop and any further work done and applications created will not contribute to the retention amount changing.
Since it is possible to have a contract in many currencies it is required to enter the maximum retention by currency.
A contract must exist or be created at the same time as when the default values are entered.
Default values will be entered on the contract, and will impact all the contract revisions that are not frozen.