A scope of work has many names - budget, estimate, statement of work, schedule of values, etc. We refer to it as the Scope of Work (SOW) throughout the platform.
As a lender, you have the most control over the Scope of Work. Once a project is created, you are free to add line items as you see fit. However, this is not required.
When a project is created, general contractors are alerted to submit an SOW. If there is a separate borrower for the project, they will also be able to review and reject the SOW before the budget is submitted to you. Once they submit this information to you, you can review the document and continue to add line items if needed.
For each project, you can see where the Scope of Work is in the approval process by going to the "Projects" tab. The status appears next to each project. If there are any SOWs pending approval, they will appear at the top of the page.
After selecting a specific project, you can also see the status on each project's Summary page.
The next step is to approve or reject the submitted SOW. At the bottom of the Scope of Work page, you will find buttons that allow you to "Save", "Accept & Submit", or "Reject" the SOW.
If you choose to reject the GC's SOW, this will alert the GC and allow them to make updates before resubmitting.
Once the SOW is accurate, you can "Accept & Submit", which finalizes the scope of work for the project.
Please contact us at email@example.com or 1-833-4SIMPLY with any additional questions.