Budgets - Types

In Part3, there are 3 different types of budgets that exist. This article will cover Allowances, Contingencies, and Contract Overages.

Allowance

If your construction project has allowances, you can create them in Part3 so you can draw down from them as you create financial changes.

Part3 views allowances as a budget that exists within the overall contract price.

Contingency

If your construction project has a contingency available, you can create them in Part3 so you can draw down from them as you create financial changes.

Part3 views contingencies as a budget that exists outside of the overall contract price.

If a dollar value is assigned to a contingency, it will impact the contract.

Contract Adjustments

This is where we track all line items that are not associated with a budget at the pricing document level. The name of this is 'Contract overages' because it is directly impacting the overall contract price.

Step 1: Click the 3 dots on the right side of the budget you want to view. Select 'View all transaction

Step 1: A pop-up will appear and show a detailed breakdown of when money was taken or added to the contract overage. This includes:

• Issued Change Orders
• Accepted Pricing (not yet linked to a Change Order)
• Locked pricing (attached to an in-progress Change Order)

Read more here to learn how to create these different budget types for your project!