July 8, 2002—The latest release of Primavera PrimeContract — an online project management tool—enables general contractors to save time by approving and consolidating multiple subcontractor payments into one automatic, auditable, and accurate application for payment to the facility owner. This feature allows subcontractors to receive payments more quickly than they would via paper-based methodology.
Owners and contractors now have the ability to send, negotiate, approve, and certify all types of invoice payments (progress payments, retained payments, and final payments). Data is entered once and re-used as the invoice moves from the subcontractor, through the construction manager and ultimately to the owner.
In addition to accelerating the speed of payments within the entire payment chain, PrimeContract also helps owners comply with prompt payment laws. Many state and federal agencies have enacted prompt payment laws requiring contractors and facility owners to pay suppliers within a designated time period.
PrimeContract simplifies the document approval process and enables users to exchange and work with multiple engineering and construction application formats. Customers have the ability to open, edit, and redline documents produced in P3e, Microsoft Office, Adobe Acrobat, and CAD. Owners and contractors save money because they don’t have to purchase multiple software programs to access documents produced in different applications.
For more information, contact Primavera.
