Contingency Fund in eComm

This guide explains how to establish a contingency fund within your eComm project—allocating budget reserves, linking to relevant contracts or allowances, and tracking usage to safeguard against cost overruns and risks.

Steps:

• Within your project in eComm, navigate to the module for Contracts / Allowances / Contingencies

• Click Create New Contingency Fund (or similar button)

• Enter a Description or name for the contingency fund (e.g., “Unforeseen Conditions – Phase A”)

• Select or link the Parent Contract or project budget line the contingency will apply to

• Enter the Fund Amount or budget reserved for the contingency

• Specify any Required On-Site Date or Lead Time if relevant

• Attach supporting documentation if needed (e.g., risk assessment, justification memo)

• Review all fields to ensure accuracy

• Click Save or Create to establish the contingency fund in the system

• Monitor the fund’s usage: when funds are drawn from the contingency, link each draw to a specific item/change order

• Ensure approvals and digital signatures are in place when funds are used

• Keep a log of transfers or usage against the contingency to maintain transparency and audit trail