RedTeam 1. Buyout Commitment

Question 1

Vendor Audit Report

Answer 1

The Vendor Audit Report is a comprehensive outline of all details pertaining to the Vendor’s Buyout Commitment as they have been entered into RedTeam up to that point

Question 2

Buyout Commitment (for vendor purchases)

Answer 2

Task order Users may now create two standard forms of commitment for vendor purchases: Purchase Orders (for commodity items) and Task Orders (for subcontracted labor services).

Question 3

What is the overview of the Vendor Audit?

Answer 3

1. Make Purchases
2. Issue Subcontracts
3. Approve Invoices
4. Make Payments

Question 4

How do you view the Vendor Audit?

Answer 4

In order to view the Audit, a Buyout Commitment such as a Purchase Order must be created and issued from RedTeam. At that point, your Team can begin entering Vendor Invoices and issuing Vendor Payments from the application.

Question 5

What is a PURCHASE ORDER?

Answer 5

In the industry, the process typically enlisted to make purchases for a project is known as a Purchase Order. Purchase Orders, when agreed upon by both parties, is a contractually binding document both for the purchaser to buy a specified quantity of material(s) at a specific price, and for the seller to provide the specified material(s) as outlined in the agreement.

Question 6

What is a BUYOUT COMMITMENT?

Answer 6

Purchase Orders using a custom commitment form generated directly from the application are what is referred to as a Buyout Commitment

Question 7

When do you create a BUYOUT COMMITMENT?

Answer 7

Buyout Commitments should be created after a Request for Quote (RFQ) has been created and sent out via RedTeam. When the RFQs are returned, they can be uploaded to RedTeam so you and your Team can compare and select the best quote. From there you want a Purchase order when buying materials and other custom Buyout Commitments when buying labor (hiring a subcontractor).