Revenue Contracts FAQs
Answers to Frequently Asked Questions
How do I determine if a revenue generating agreement is necessary?
View the Revenue Routing Decision Tree for guidance on how to classify a given agreement.
How long is the overall contract review and approval process?
After a department has submitted a contract in GMS, the total expected time for review and approval of the contract is roughly 22 business days. Please be prepared and advise your contracting parties to be prepared for between initiation and approval.
Is there a contract template available for use?
Yes. The Office of General Counsel has approved this Revenue Generating Contract Template for use.
How do I amend a customer contract that has already been approved?
Customer contract amendments can be utilized to make changes to approved contracts in GMS. To create an amendment, search for the contact you wish to amend, click the related actions icon, and navigate to the ‘Customer Contract’ selection. Next, select the ‘Amend Customer Contract’ option to begin the amendment process.
Additionally, the Office of General Counsel has approved a Revenue Contract Amendment Template to both simplify and expedite the approval process. Please add the completed amendment template to the ‘Attachments’ section of the contract profile.
Worktag Correction Amendments can be used to make changes to the worktags of an approved contract, such as a Program code or Cost Center. Although some amendment types route to all approvers, we have designated the Worktag Correction amendment to route to only the Senior Business Manager and Campus CFO. To create a Worktag Correction amendment, use the instructions above to begin the amendment process. Select the ‘Amendment Type’ of ‘Worktag Correction’ and enter the appropriate effective date. Navigate to the ‘Good and Services’ tab and select the ‘Additional Information’ tab to make updates to the worktag(s) on the contract lines. Updating the individual contract line(s), which drive invoicing, is critical in ensuring the worktag changes are reflected on future invoices. The contract header section can also be updated where applicable, under the ‘Additional Information’ section of the contract profile.
How do I close out a contract after all invoicing and payments are completed?
A streamlined process to close a completed contract (new window) is available in GMS via a contract amendment. The steps are as follows:
1. ‘Create Customer Contract Amendment’ from the customer contract related actions.
2. Under the ‘Amendment Information’ section, select an ‘Amendment Type’ of ‘Completed Contract’ and populate the ‘Amendment Effective Date’.
3. Set ‘New Contract Status’ to ‘Complete’
-Note: this is a key step and while the field is not a required field, if you do not set the new contract status, the status of the contract will remain in approved status.
4. Update the “Line Status” of the “Goods and Services – Additional Information” tab from Active to Complete.
5. Update the Contract Amounts and Balances – Contract Amount to match with the Billed Amount. “Goods and Services – Line Details tab” Contract Line Amount should also match with the Billed Amount per contract line.
6. If you receive additional error messages, please “Save for Later,” Edit amendment, and Submit it.
Amendment Type: Cancel – New Contract Status: Cancelled (new window)
Amendment Type: Terminate – New Contract Status: Terminated (new window)