IMOS On-Prem - Equipment TC Contract Payments

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Note: Requires the Barging module.

TC (Time Charter) Hire is typically paid in advance based on the number of boats and barges specified in the Equipment Contract. After the period is over, adjustments are generated based on the actual number of equipment and days in service. It is likely that the amount due at the end of a month will be different from the amount that was paid in advance at the beginning of that month. When a discrepancy occurs, an adjustment is proposed that you can include in the Hire invoice. This is similar to the Off Hire/Off Hire Reverse grid in a traditional TC Hire Payment.

Making a Payment

To make a payment:

1. Do one of the following:
   
   • On the Equipment Contract, click .
   • In the Operations module center , under Time Charter In, click Equipment Contract Payment. Then, enter the Contract ID.
   
2. Specify an Invoice Number, Period From, and Period To. The Period From and Period To fields are populated according to the Billing Period on the contract.
3. Click  to select line items on the Item Select form to add to the payment.
   
   1. Item Select presents any adjustments to be included in the Hire Payment. Select the check boxes for those you want to pay/receive credit for:
   • • M&R Hours in Excess of the Allowance: M&R entries are mapped to Delay records.
       • Any M&R entries that are in excess of the monthly allowance appear here. 
       • When adding an M&R record, you must indicate how many of the M&R hours are covered by the monthly allowance (the Deduction column).
     • Equipment Shortage/Surplus Periods: Any deviations from the number of equipment in the contract appear here. For example, if the contract includes a boat and two barges, and for a period during the voyage a third barge joined the tow, a row would appear here representing the additional charge for the time that third barge was in use (surplus). Similarly, if one of the barges left the tow for a period, a row would appear here to credit you for the time the barge was not in service (shortage).
       • The Shortage/Surplus periods are calculated based on the Delivery and Redelivery events on the Equip In/Out tab of the Activity Log - Barging.
       • To Write Off an Equipment Shortage/Surplus Period, select the check box for the period.
       • To Hide Write Off items, select the check box above the grid.
     • Bunker Adjustments: Bunker adjustments appear here for equipment entering or leaving the tow.
       • Every Delivery or Redelivery of a piece of equipment generates a Bunker Adjustment row.
       • Bunker adjustments with a zero value appear here as well, to allow you to check that the zero value is correct.
       • If a barge is being redelivered to the owner and the Track Barge ROBs check box is not selected, the final ROB entered on the Tow will be ignored because all fuel transferred to the the barge is treated as having been consumed. The ROB entered on the Tow still appears here so that credit can be received from the owner.
       • To Hide Write Off items, select the check box above the grid.
     • Rate Differentials: All Rate Differentials applicable during the period appear here.
       • If a Rate Differential period overlaps with a M&R period, the Rate Differential period is stopped temporarily while the M&R period is in effect.
       • You can nest multiple instances of the same Rate Differential. For example, you can add a Rate Differential Start as of May 3 and another one with the same Rate Differential Index Term as of May 5, with no Rate Differential end between the two. In this situation, the Rate Differentials go into effect independently of each other and the Rate Differential will be charged twice.
     • Voyage Rebillables: Include any rebillable items into the Hire Payment, similar to a typical TC contract. 
     1. 1. Select the check boxes for any rebillable items to be included in the Hire Payment.
        2. Click OK.
4. The Hire Payment is updated with Hire lines and any adjustments you selected.
5. Click  to save the Hire Payment.

Source Codes for Equipment TC Contracts

The Equipment TC Contract Payment uses different source codes than the typical TC Payment:

• EQIP: For Equipment TC In Contract Payment
• EQOB: For Equipment TC Out Bill
• ESIP: For Equipment Spot In Contract Payment
• ESOB: For Equipment Spot Out Contract Payment

Outstanding Hire-Payment Adjustments Report

The Outstanding Hire-Payment Adjustments Report is available from the Operations module center.