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How to reduce the total amount in a fixed price project?

Active Member
Saurabh K Member Since: Aug 21, 2015
1 of 5

Hi, dear community,

 

I have an ongoing fixed-price project in which there were initially two milestones that we planned to cover, now due to scope changes, the client does not need the work in the second milestone.

 

How can I adjust the total amount accordingly? If I go to Add/Edit milestones, it only shows the first (active) milestone but the total amount still reflects the initially discussed amount that includes both the milestones.

 

Best Regards,
Saurabh 

Moderator
Joanne Marie P Moderator Member Since: Nov 26, 2017
2 of 5

Hi Saurabh, 

 

Your client has the option to release a partial payment for the milestone if you have agreed to not pay the full amount funded. Please let us know if you any assistance. 


-Joanne
Untitled
Active Member
Saurabh K Member Since: Aug 21, 2015
3 of 5

Hi Joanne,

 

Thank you very much for a prompt response. The contract is set up as shown in the image below:

Screenshot 2020-11-24 104322.png

 

So basically the total amount we agreed on initially was $130. But the client has only funded one milestone for $60 (which is what they need for now). What I want now is to change the red marked numbers to $60 to reflect the current agreement with the client. Any way to do this?

 

Also, does a reduction in the total amount negatively impact my JSS? (It's a scope change from the client's end)

 

Best Regards,
Saurabh

Moderator
Joanne Marie P Moderator Member Since: Nov 26, 2017
BEST ANSWER
4 of 5

Hi Saurabh,

 

To change the budget, the client will need to end the current contract and send you a new one with the updated budget information. Please know that even though the client has set a higher budget than what was agreed and you will receive only a portion of the said budget, this doesn't affect your profile. 


-Joanne
Untitled

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Active Member
Mike Miguel N Member Since: Nov 24, 2020
5 of 5

Thank you Joanne for your experiences! You have a Guru's path.