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Create and send a contract

Create a contract for an approved application or an applicant, link its milestones and funding, choose its document and send it to its signatories.

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A contract sets out the terms of a grant. You create it from an approved application, or at applicant level, and send it to be signed. Contract, Application, Applicant and Milestone are your organisation's own terms if you've renamed them.

Create a contract

  1. Select Award and pay > Contracts, then New Contract.
  2. Under The contract is with, choose An approved Application or An Applicant. An applicant-level contract is not tied to an application and cannot link milestones.
  3. Search by name or number, choose it and select Create Contract.

Set it up

Work through the steps. Changes save automatically.

Details

Title, Contract Category, Tags, Contract Number (filled in automatically when numbering is on; you can change it), Start date, End date, the Contract Manager (who receives milestone reminders) and the Bank account. Tick This Contract is with the Institution only when only the verifier signs.

Milestones

The milestones linked to the contract, in order, with their due dates, amounts and status. Backed warns you about milestones past their due date, but you can still continue.

When the application's round or program has reporting bands, select Use reporting band to create the milestones of the band the contract's amount falls in as contract milestones, each with its due date and its share of the amount. The grantee sees them once the contract is executed. You need permission to create milestones. See Reporting bands.

Funding

Currency: the contract takes its round's currency, and you can change it until the contract is sent. After that the field is locked and says why. See Currencies.

The Contract amount, the Payment schedule total of its milestones, and the Difference, each shown with the contract's currency code, such as NZD 1,250.00. The contracts list shows each contract's amount the same way.

Indexation: the contract takes its round's terms, and you can change them until the contract is sent: None, Fixed rate with an Annual rate (%), or Index series with a series you choose. Once an indexation has been applied the group is locked and says why. See Index series.

Document

Choose the Contract Template; the contract copies the current version's text, and you can edit the Contract text for this contract. Or upload the contract as a PDF, which replaces the generated document. Select Preview to check it.

Send

Select the signatories for each party: administrators, applicants and, where the application has one, the verifier. They sign in the order shown. Then select Send Contract.

If something must be fixed first, Backed lists it under Before you can send this contract. If the contract amount is above your Contract Approval Limit, select Request Review and choose a reviewer instead; they get a task and an email.

Email the people behind these records

To email everyone on this list, or the ones you tick, select Broadcast. See Broadcasts.

See also

This page uses Backed's default terms, such as Funding Round and Application Template. An organisation may rename them, so read each as your organisation's own term if you've renamed it.