Terminology

Terminology used in this module

Terminology:

Within Contract Administration the following roles and items may be interchanged:
  1. Project manager; Contract Administrator
  2. Contractor; Managing Contractor; Head Contractor; Consultant; Design Consultant; Coordinating Consultant
  3. Contract Variation; Variation Price Request; Variation; Head Contract Variation; Variation Price
  4. Claim; Progress Claim; Contract Progress Claim; Head Contract Progress Claim; Contract Claim; Claim
  5. Payment Certificate; Progress Payment Certificate; Progress Payment Statement; Payment Statement
Term Definition/Explanation
Budget The project's financial document listing all costs associated.  Each line item on the budget represents a Contract.  As Variations, Claims , and Payments are made,  the budget automatically updates to reflect a real time picture of expenses and progress.  For a full explanation of each column listed on a budget click Understanding Your Budget
Budget Register A list of all budgets in this project. Only users with access to a budget will be able to see the budget.
Line Item A line item is set up on a Budget to represent a cost centre.  Each line item is linked to a contract.   
Item ID The Item ID is a unique identifier assigned by ProjectCentre which is a hyperlink to the Budget History for the line item. 
Budget Section Line Items of a budget may be broken down into sections with a Section Header and indented sub-items. 
Section Header A line Item on a financial document that represents the sum of sub-items listed below. Section Headers may be collapsed by clicking the - button to display a one line summary of the section. The default is the expanded view (+ button) displaying the Section Header with the sub items listed below indented. Each Section will list a total line for the section.
Section Sub-Item An indented line Item of a budget that is totalled together with other sub-items to make up a section. The amounts must be entered at the lowest sub-item level. The header levels will display the sum of all the indented sub-items automatically.
Portfolio Budget A budget is inserted into another budget as a line item. To roll up another budget into a different budget's line item, use the Insert Portfolio button.
Budget Variation A financial record of a change the Original Budget.
Budget Variation Register A list of all Budget Variations in this project.
Budget Transfer A financial record of a transfer of dollars from one line item to another.
Budget Transfer Register A list of all Budget Transfers in this project.
Forecast A financial record of a prediction of an additional cost not associated with a contract variation.  An open forecast record will display on the budget in Uncommitted Works and be included in the Forecast Cost to Complete.
Forecast Register A list of all Budget Forecasts in this project.
Budget History Each line item of a budget has an assessable Budget History by clicking on the Item ID Hyperlink. The Budget History provides an overview of all activities related to a line item. It will display the linked Contract, and all Variations, Claims and Payments associated with this line item.
Contract A Contract lists the financial terms agreed upon with a contractor to perform services or provide goods.  Each line item of a Budget will represent a Contract.
Contract Register A list of all Contracts for this project.
Contract History A summary of the contract including the trade breakdown, variations and forecasts cost to complete.
Retention Fund A percentage of the contract sum which is withheld from payment until the project is complete. 
Original Contract Sum The amount of the original contract.
Adjusted Contract Sum The amount of the original contract plus approved variations.
Practical Completion The point of time when a project is consider complete.
Final Completion The point of time when a project is certified complete.
Contract Variation  A financial record of a change to the Contract amount
Variation on Account  A financial record of a change to the Contract amount that is still in negotiation when the work commences. Once details are finalised a Variation on Account will convert to a Contract Variation.
Provisional Sums  A financial placeholder assigned at the time of the contract.
Provisional Sums Adjustment  A financial record of a change to a Provisional Sum on a contract.
Claim A financial record used to claim for payment made against a Contract.  
Statutory Declaration A document to corroborate that the information provided is verified.
Scheduled Payments The field a Project Manager uses to determine the amount or the percentage of a claim to pay.    
Payment Schedule A record of a payment, detailing the original contract sum, adjustments, work completed to date, retention, and the certified amount of the payment.  If there are differences between claim and scheduled payment, the reasons will be detailed to comply with the Security of Payments Act.
Withdrawn Documents Any financial record that is withdrawn is no longer represented on the budget or contract.  It a document that remains in order to provide a full auditable history but is considered closed and deleted from all automatic calculations.