Onit’s Hourly Capped Fee Arrangements feature allows clients to easily limit vendors with set caps on the total hourly fees sent for approval. This is helpful for those clients and vendors who still want to examine the hours spent on tasks within matters while still keeping to a set fee amount.
Here, we will take you step-by-step through using the Hourly Capped Fee Arrangements feature.
SETUP NOTE: An Onit implementation specialist will need to set up this feature in BillingPoint and Onit before use.
1. On Vendor Assignment to Matter, select Hourly Capped on the Fee Arrangement drop-down menu.
2. Fill in the Fixed/Capped Fee (Vendor Currency) (this is required). This is the total fixed/capped fee amount that the vendor is limited to over the life of the matter.
Fill out the rest of the information and click Save or Save and Create Budget to move forward.
3. To see the Arrangement within the Matter screen, click on the Vendors tab and then on the Matter / Vendor.
Click on the Billing Authorizations tab. You’ll see the number you put in for Fixed/Capped Fee next to Budget Amount; you’ll also see Hourly Capped detailed next to the Fee Type section.
From there, if a vendor attempts to send in an invoice with an amount that will cause the total invoiced on the matter to exceed the capped fee, they’ll receive a warning on the invoice. Other than a warning, Clients can also choose to:
- Stop receiving invoices after the limit is hit.
- Receive invoices once the limit is hit, but automatically adjust them down to that set limit.
