When your project gets a contractual Modification (MOD) or Extention
What is the difference between a contract MOD and a contract extension?
There are many different things that can happen to a contract that would require a modification. One of the most common modifications on a contract is an Extension in the form of "option terms" or "option years" - which would provide additional funding and timeline to the existing contract. Contract modifications can also come in the form of changes of key personnel that are listed on the contract. Another common modification is changes in scope or deliverables that are in writing in the contract. Basically anytime something deviates from that first main contract for a project, we need to create a change request for a MOD.
Common steps to take when you have a contract MOD
- File the MOD in the Shared Google drive "Contracts" folder - this is the single source of contract truth
- Notify ca-management, Judy, and Marc of MOD file location via the [email protected] mailing list with Subject line: "NSF new contract MOD 0004"
- Notify the sales team of increased/decreased funds in the Slack channel #sales
- Update your Harvest project budget to include the new funding
- Update your budget tracking tool/spreadsheet (if you have one separate from Harvest)
- Update delivery projections spreadsheet if these funds impact it (or extend the contract)
- Update Forecast if MOD impact who or how long certain people are on the project
MODs are a good time to re-evaluate
When you get a contractual modificiation, this is a good time to pause with the client and team to make sure everyone agrees about what should happen in the extension or with the new MOD funds.