In VertiGIS FM Contracts, you can apply a consumer or price index to a contract so that recurring payments made in association with the contract can be adjusted for factors like inflation.

You can adjust a contract's payments using an index in two steps. First, apply an index to a contract. You can then select which payments you want to adjust using the index. The index you want to use to adjust the payment amounts should already have been created in the VertiGIS FM database.

Apply an Index to a Contract

You can apply an index to a contract's on the contract details page.

To Apply an Index to a Contract

1.Navigate to the contract details page for the contract to which you want to apply an index.

2.Expand the Index Agreement section and click the Additional Editing () icon.

3.Select the Modification check box.

4.Click the arrow in the Price Index menu.

5.Select the index you want to apply to the index and click Apply.

6.Click the arrow in the Original Index menu.

7.Select the month whose index you want to use as the original index and click Apply.

8.Select an option from the In case of a change of menu.

9.Do one of the following:

▪Enter a percentage value in the Percent [%] box, or

▪Enter a value point value in the Or points box.

10.From the Valid From drop-down menu, select the point at which you want the index to be applied to the price.

11.Click Save and Close.

Adjust Contract Payment Amounts Per Index

Ensure the prerequisites below are satisfied before you try to adjust payment amounts using an index:

•An index has been applied to the contract.

•The contract is currently active (its State is Complete).

•The Type of Advance Payments field in the contract details is set to Standing Invoice.

•The contractor (the party in the contract who is not your organization stored on the Administration > Own Data > Tenant or Administration > Own Data > Client) is selected as the Payer in the contract details.

•The contract has Payments with Items whose Indicated check box is selected.

If the conditions above are met, you can adjust the amount for payments associated with the contract on the contract details page.

In the example shown in the procedure below, index adjustments are being applied to $35 monthly payments (each with a $25 and $10 item) for the months of April, May, June, and July. This allows a total of eight adjustments (two items per month for four months).

Index Payment

To Adjust Contract Payments Per Index

1.Navigate to the contract details page for the contract whose payment amounts you want to adjust.

2.Expand the Possible Alignment section.

The Possible Alignment section is only visible if there are Payment Items with the Indicated check box selected.

3.Select the payments you want to adjust.

The Amount OLD column indicates the payment amount without the index adjustment, and the Amount NEW column indicates what the payment amount will be after you apply the index adjustment.

4.Click the Perform Index Alignment () icon.

5.Click OK.

Adjustments will become available for the rest of the year as the index is updated with data for the remaining months.