Material Price Escalation

In order to calculate material (steel and asphalt) price escalation for a project you will need to first install the rules that apply to your State via the Packages section.

1. Within the contract menu, select the Price Escalation option.

2. Click on ‘Details’ next to the Asphalt of Steel option.

3. Start by selecting ‘Set’ under the Contract Info section.

4. Enter the Base Price and the range in which no adjustments will be made. Click on Save.

5. Items impacted by Material Price Escalation (based upon your State’s rules) will be automatically shown under the Items section, however, there is also the option to click on Add to select additional items. The auto-item entries can be edited or deleted as needed.

6. To report on, and create calculations for the price escalation, click on ‘Add For All Projects’ or ‘Add for Project’ under the Reports section.

7. Select the project (unless ‘Add For All Projects’ is selected), start and end dates, as well as the Current Price for the date range entered. Click on Save.

8. Repeat step 6 for each project in the contract, unless ‘Add For All Projects' was selected in the previous step.

9. Based upon the date and quantity of inspected transactions, for items listed/shown, the price adjustment will be calculated.

10. Click on Details next to the previously entered report to view the calculations, as well as the transactions, from the Item Record Account, that determined that calculation.