Project Required Documentation

Line items are fully supported by documentation - this rule passes when the 'current amount requested' on a draw line item equals the sum of the amounts assigned to the associated documents.

Require certificate of builder's risk - Rabbet verifies that a document assigned as 'certificate of builder's risk' exists in the project-level documents.

Require certificate of general liability insurance for the general contractor - Rabbet verifies that a document assigned as 'certificate of general liability insurance' exists in the project-level documents.

Require performance bond for the general contractor - Rabbet verifies that a document assigned as 'performance bond' exists in the project-level documents.



*Note that unlike other document rules, these next two rules require assigning additional document types to 'Pay Application' documents rather than line items or vendors:

Require a bill of sales if a pay application has stored materials -
this rule alerts you that a ‘pay application’ document with a value in the 'stored materials' field must be linked to a supporting 'bill of sales' document type. The link is selected when completing the 'bill of sales' document fields.

Require insurance if a pay application has stored materials - this rule alerts you that a ‘pay application’ document with a value in the 'stored materials' field must be linked to a supporting 'insurance certificate' document type. The link is selected when completing the 'insurance certificate' document fields.


Draw Required Documentation

Draw has a cover sheet - Rabbet verifies that a document assigned as 'draw cover sheet' exists in the active draw documents.

Require inspection for this draw - Rabbet verifies that a document assigned as 'inspection report' exists in the active draw documents. 

Require title endorsement for this draw - Rabbet verifies that a document assigned as 'title endorsement' exists in the active draw documents.


Document Information

Do not allow duplicate invoice numbers on the same vendor on this project - you will be alerted if the assigned invoice number on a document assigned to a given vendor matches the assigned invoice number on a different document for that same vendor.

Invoice dates are within the last (X) days - you will be alerted if an invoice date is older than the number of days configured for the rule as measured from the current date.

*Note that Rabbet stops running this rule once a draw is sent or marked funded

Require a lien waiver if a hard cost line item is being drawn more than $(X) - this rule alerts you that a lien waiver document (conditional and unconditional) should be assigned to a line item when that line item has an amount requested greater than the amount configured for the rule.

If retainage is reduced for a vendor, require a retainage release form on the relevant line item - this rule alerts you that a 'retainage release' document type must be assigned to the relevant line item and vendor when the ‘retainage to date’ has decreased for that line item

*See this article for additional information on Rabbet's handling of retainage


Line Item Amounts

Revised budget equals original budget with adjustments to date - this rule passes for a line item when the sum of the original budget value and the total adjustments equals the current budget value.

Requested amount on the draw cover sheet matches the requested amount in the budget - this rule passes when the 'current amount requested' in the draw matches the value assigned to the 'draw cover sheet' document.

Percent complete from the inspection report is within %(X) of hard costs percent complete - you will be alerted when the difference (plus or minus) between the 'percent complete' field on the 'inspection report' document and the hard costs percent complete is more than the percentage points configured for the rule. 

(hard costs percent complete) = (gross hard costs requested) / (total hard costs for current budget)

Interest reserves remaining is sufficient to complete the project - this rule passes when the 'balance to fund' in an interest reserve line item is greater than the expected total future draws on the interest reserve; the expected total future draws is based on the 'current amount requested' in the active draw. 

*Note that the interest reserve line item is identified by Rabbet as any line item with the word 'interest' followed by another character.

Line items have a remaining balance greater than or equal to $0 - this rule notifies you that a line item has been overdrawn.

The project is at risk of being more than  days behind schedule -

(hard costs percent complete) = (gross hard costs requested) / (total hard costs for current budget)
(expected percent complete) = (time since project start) / (expected length of project)

Note that the ‘expected length of project’ and ‘expected project start date’ fields must be populated in the 'Project Settings'

You will be alerted if the project is more than the number of days configured in the rule behind schedule; the project schedule is determined by comparing the hard costs percent complete to the expected percent complete.


Processing

Percent of contingency exhausted is not more than 10% greater than project completion - this rule alerts you that any contingency line item has a percentage of funds used that is over 10 percentage points higher than the project completion percentage.

*Note the following details about this rule:

  • (project completion percentage) = (gross hard costs requested) / (total hard costs for current budget)
  • (contingency exhaustion) = (contingency used to date) / (total contingency in original budget) 
  • Any line item containing the word 'contingency' is considered a contingency line item for this rule

Retainage expected matches retainage requested - this rule alerts you when the draw 'retainage amount' for a line item does not equal the 'retainage percentage expected' as configured by you.

*Note that 'retainage percentage expected' is a verification tool only; the 'retainage amount' and 'current amount requested' for a line item are calculated using relevant data from the 'pay application'

Previous draw requests on budget match actual previous draw requests - if a new budget is uploaded to the draw, Rabbet verifies that the previous draw values outlined in the budget spreadsheet match the previous draw values processed in Rabbet.

Do you have questions or feedback? Please email us at help@rabbet.com

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