If another company conducts the project on a contract basis, payments that will be made to the company after completing the activity and penalty amounts in case of late payments are monitored under Payments and Penalty Operations tab of Activity definition window.
In Payments section, payments that will be made to the company are listed. In Penalty Operations section, penalty payments, which will be made in case of late payments, are entered.
Payments |
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Date |
It is the date on which payment should be made. |
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Payment Rate |
It is the payment rate that is agreed on the contract. |
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Payment Amount (LC) |
It is calculated by multiplying "Approximate Cost (LC)" that is specified in the contract by the Payment Rate. |
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Payment Amount (RC) |
It is calculated by multiplying "Approximate Cost (RC)" that is specified in the contract by the Payment Rate. |
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Description |
It is description of the payment. |
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Penalty Operations |
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Apply Penalty for Delay |
It specifies whether penalty will be applied in case of late payments. |
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Number of Days Liable to Penalty |
Apply Penalty for Delay is checked, the number of days that are liable to penalty is entered. |
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Penalty Rate (Daily) |
Daily penalty rate is entered in percentage. |
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Penalty Amount (LC) |
Penalty amount is calculated by taking Approximate Cost (LC), the number of days liable to penalty and penalty rate into consideration. It is calculated automatically. |
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Penalty Amount (RC) |
It is penalty amount in reporting currency. |