To change the status of a prime contract for a construction project to 'Approved.'
A Prime Contract is a legal agreement between contracted parties. In a single, two-party prime contract, the Owner financing the construction project is called the client or principal. The party being paid to ensure completion of work is called the general, primary or main contractor. In Procore, you can either create a single prime contract for a construction project or you can also divide the scope of work for a single project between multiple prime contracts.
After the prime contract is created, you can follow the steps in Update the Schedule of Values (SOV) on a Prime Contract. Once the line items on the SOV are complete and the agreement between the project owner and your company is finalized, you can place the contract into the Approved status. This action allows your project team to begin creating change orders (see Create a Prime Contract Change Order (PCCO)), owner invoices (see Create an Owner Invoice), and payments issued (see Create a Payment Issued).
Things to Consider
- Required User Permission:
- 'Admin' on the project's Prime Contracts tool
- Create the prime contract. See Create Prime Contracts.
- Update the prime contract's Schedule of Values (SOV). See Update the Schedule of Values (SOV) on a Prime Contract.
- Confirm that all parties to the prime contract are in agreement prior to changing its status to 'Approved.'
- Additional Information:
After you complete the steps below, your project team can then perform the following tasks:
- Navigate to the project's Prime Contracts tool.
- Locate the prime contract to approve. Then click Edit.
- Under General Information, choose Approved from the Status drop-down list.
- Click Save or Save and Email.