Digitise and automate your contract, line items, retentions & payment certificates.
Automate production of payment certificates, change orders/variations and other contract administration tasks without a single spreadsheet or word file. Mastt allows you to:
Learn more about Contracts in Mastt below. 👇
A contract is a form of agreement between two parties outlining terms and conditions for a specific project, service, or transaction. In our industry (construction 😀 🏗) contracts are entered into by Project Owners for design services, engineering services, project management and eventually for construction of the project. Contracts feature sometimes many financial line items and sections, and can be administered by a 'superintendent'.
Best practice contract management is crucial for defining deliverables, timelines, and payments in pursuit of reducing risk and facilitating smooth project execution. This can be a real administrative nightmare, so we created Contracts in Mastt to help!
Common challenges we see managing Contracts.
❌ Complex Cost Tracking: Setting up, maintaining & troubleshooting spreadsheets, linking tabs, building wild formulas etc is error-prone and cumbersome.
❌ Payments & Variations: Managing progress payments & variations each month, reconciling the contract and producing payment certificates and notices requires heavy duplication of effort.
❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.
❌ Compliance: Ensuring accurate financial reporting and compliance with regulations is complex and never certain.
❌ Forecasting & S Curves: Accurate forecasting of future costs, including changes to financial amounts, risks, and contingencies, is challenging and often inaccurate.
💡 Simple Upload & Configuration: Upload your contracts, line items and attachments. Configure contracts to your standard suite.
💡 Budget Tracking: Easily compare budget data against commitments, total costs to complete, and payments made to quickly identify variances.
💡 Easy Drill Down: Access work breakdowns quickly for detailed interrogation and faster decision-making, enabling deeper insights.
💡 Fast Variations & Payments: Add, manage, and report on variations and payments easily. Instantly produce necessary letters and certificates.
💡 Automated Reporting: Contract status automatically powers reports such as dashboards, project status reports, and monthly reports.
💡 Template Library: Select from standard form contract suites to create and configure contracts quickly, ensuring compliance.
💡 Compliance Tracking: Keep track of compliance requirements, such as legislative mandates, insurances, and retentions, ensuring all contracts meet legal and regulatory standards.
💡 Auditing: Maintain a log of changes for compliance and record-keeping.
Mastt's intuitive contract management tools simplify your workflow, making it easy to get started today.
🔷 Create Contracts: Configure contracts, line items, retentions, and payment certificates with ease.
🔷 Contracts Register: Track all contracts and vendors in a single, automated register that updates with variations and payments.
🔷 Variations & Payments: Add variations and process payments against contracts, line items, and variations with a single click.
🔷 Retentions: Set up and configure retention terms directly within contracts, specifying percentages and release conditions.
🔷 Certificate/Letter Automations: Instantly generate compliance payment and variation certificates in PDF format, eliminating the need for manual formatting.
🔷 Link Budgets: Connect contracts and line items to budgets, allowing you to spread one contract across multiple budgets, cost codes, or work breakdowns.
🔷 Attach Documents: Attach key documents and other artifacts directly to the contract for easy reference.
🔷 Charts and Visualizations: Utilize out-of-the-box charts and visualizations for all contract data, covering committed, uncommitted, risk, and contingency categories.
🔷 Auto Reporting: Automatically generate reports and dashboards from your charts, streamlining your reporting process.
🟢 Always Read and Understand the Contract: Upload key information from the contract into Mastt.
🟢 Stay Compliant: Ensure variations and payments are managed in accordance with the contract and specified timelines.
🟢 Centralize Storage: Keep all contract documents in one secure location for easy access and retrieval.
🟢 Keep Record and Audits: Maintain a detailed history of key contract actions in registers.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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Automated contract letters & certificates for payments, variations & more
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Andrew Benn, WSP Technical Director
"With Mastt, our client can see the status of the project anytime, reducing back and forth queries, and not having to wait until the end of the month to receive a monthly report."
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Rebecca White, RPS Program Manager
"Mastt has saved our team significant time and effort in managing the financials elements of 65+projects. The team now has total visibility over their individual projects as well as the overarching program of works."
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Erik Maasepp, Capital Insight Senior Project Manager
"Mastt takes away a lot of user error that spreadsheets bring. With Mastt, we are able to combine multiple projects into programs or portfolios for management level analysis and direction."
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CAPT. Dan Foley, Army Digital Transformation Manager
"Mastt is increasing the team’s tempo and productivity by enabling real time information across our portfolio of projects. This transparency is assisting us to make informed decisions, to identify opportunities and reduce the risk."
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Dan Atkins, Jacobs National Program Manager
"Mastt's ability to record critical financial information as well as program forecasted delivery and milestones put Jacobs in a favourable position to our clients."
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Mohammed Salameh, Compass' Associate Director
"Moving to Mastt is one of the best decisions my team has ever made. It’s cost-effective, easy to use, and a quick set up."
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Fergus Bruce, Project Manager at WSP
"A key factor in our decision to adopt Mastt is its user-friendliness. It had to continue to empower us to work smart, allowing us to consistently deliver excellence across multiple sectors and geographic regions."
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