Managing Payment Terms

Last Updated: August 15, 2024

Managing Payment Terms

In this article, we will guide you through the process of navigating and managing your payment terms effectively. The payment terms section is crucial for
defining how and when payments will be made throughout the contract lifecycle.




To add Payment Terms, follow the steps below

Instructions:

When adding a contract, click Payment Terms to manage payment terms details.





Input the necessary information for** Down Payment** and Retention

- Percentage

- Payment Date

- Status – Select from the dropdown


Important Notes:

You can remove Progress Billing, as this is only optional.

In here, percentage from Down Payment, Retention, and Progress Billing( If not removed) must sum up exactly 100

E.g.: 30 (Down Payment Percentage) + 20 (Retention Percentage) + 50 (Progress Billing Percentage) = 100





To complete setting up your Payment Terms, click Save

RELATED ARTICLES:

Editing a Contract
SOW Setup
Creating a Main Contract
Adding a Contract

Need more help? Send us an email at cs@steerplatform.com, or send us a message on the chat widget.

Updated on: 26/09/2024