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10 Vote

Ability to novate (transfer) subcontract in progress to new Vendor

Currently when a subcontractor changes their legal entity (ie ABN in Australia) the balance of an in progress subcontract is required to be transferred to the new vendor. We create a new subcontract and transfer the remaining original contract sum and change orders (variations). When there is a large number of variations this is a very time consuming process. It is not possible to simply update the details in the vendor master as it is a requirement of the Australia Taxation Office to report payments to subcontractors by their ABN. Is there any easier way to do this currently or a possible fix in the future.

• Rebecca Reid
• Nov 5 2019

SL - Subcontract Ledger

Company	Perkins Builders
Job Title / Role	Finance Manager
I need it...	6 months

• Comments (1)
• Votes (10)

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• 
  Yvonne Caruso commented

  November 12, 2019 13:58

  This would also be helpful if the subcontractor defaults, and a new contractor agrees to completing the balance of their contract.

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