So no way to document a change in the scope of work in the G702 CW-2021? One would just add another line item with no other way to differentiate original scope from newly revised scope?
Hi there, the new Cost of Work versions of our payment applications have a way to track the Guaranteed Maximum Price (GMP), or if there is no GMP, the Control Estimate. For example, G702CW-2021 has lines for Original Approved Control Estimate, Net Change, and Control Estimate to Date (those are the first three lines). This allows the user to track progress throughout the job.
Hello. If there is a change in the Scope of Work, you would enter a new line item at G703CW and enter $0 at Column-C1 (Original Scheduled Value). All items with $0 Original Scheduled Value will be the items from the "newly revised scope". You would enter the new line item value at Column-C3 (Change This Period). Since you need to submit both G702CW & G703CW at same time, you would see the change at G703CW. At G702CW you would see the Net Change at Line #2, which is the total additional Scope of Work.
So no way to document a change in the scope of work in the G702 CW-2021? One would just add another line item with no other way to differentiate original scope from newly revised scope?
Hi there, the new Cost of Work versions of our payment applications have a way to track the Guaranteed Maximum Price (GMP), or if there is no GMP, the Control Estimate. For example, G702CW-2021 has lines for Original Approved Control Estimate, Net Change, and Control Estimate to Date (those are the first three lines). This allows the user to track progress throughout the job.
Hello. If there is a change in the Scope of Work, you would enter a new line item at G703CW and enter $0 at Column-C1 (Original Scheduled Value). All items with $0 Original Scheduled Value will be the items from the "newly revised scope". You would enter the new line item value at Column-C3 (Change This Period). Since you need to submit both G702CW & G703CW at same time, you would see the change at G703CW. At G702CW you would see the Net Change at Line #2, which is the total additional Scope of Work.