PHILADELPHIA, Pa., June 26, 2002 -- The latest Primavera PrimeContract® release 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.
"The progress payment feature of PrimeContract will allow our subcontractors to receive payments more quickly than they would via the previous, paper-based methodology," said Tom Kepper, P.E., Intel Facilities, Materials & Services. "Quicker payments will also give us an opportunity to reduce fees by negotiating fast-pay discounts with our subcontractors."
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 only once and re-used as the invoice moves from the subcontractor, through the construction manager and ultimately to the owner," said Kepper. "This benefits all parties involved in the payment process by reducing data-entry requirements, payment cycle time and date entry errors."
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. Most legislation necessitates payments for clean claims to be issued within 14 days of receipt.
"Processing multiple invoices can be a time-consuming process resulting in late fees and penalties under various prompt payment laws," said Joel M. Koppelman, CEO of Primavera Systems, Inc. "PrimeContract helps our customers avoid paying fines by improving efficiency and reducing the time associated with expediting payment negotiations and certifications."
Simplified document collaboration
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.
The new action-oriented dashboard improves collaboration across the entire project team by providing each project team member the ability to individually organize his or her workspace for maximum productivity and accountability.
About Primavera PrimeContract
Primavera PrimeContract is an online collaboration and project execution solution for engineering-construction projects. PrimeContract helps owners and their contractors to speed project delivery and reduce project costs by streamlining project team communication, simplifying on-line construction contract payment negotiations, and expediting the review and approval of design specifications and construction drawings.
About Primavera Systems, Inc.
Founded in 1983, Primavera Systems, Inc. is a provider of project management, control and execution software and services. For more information, visit: http://www.primavera.com/.
Primavera is headquartered in Philadelphia (Bala Cynwyd), Pennsylvania, with offices in Chicago, New Hampshire, New York, Hong Kong and London.
