Vendor contracts and types

Vendor contracts are created in Purchasing. Contracts provide the cost of an item for purchase orders and requisitions.

This table shows the five types of vendor contracts:

Type	Description
Contract	Contains the item cost information agreed upon between you and the vendor
Catalog/Quote	Contains a list of available items and their costs as offered for sale by the vendor. Considered as a non-binding price list
Blanket	Contains a list of suggested items, letting you pick and choose which items you want to order and when.
Standing	Contains fixed items and quantities for supplies that you order often
Service	Acts as an ongoing agreement between you and a service provider, containing the cost of the service and dates when the agreement is valid. Building or electrical repair are examples of services

To create vendor contracts from contracts, you must have already set up vendor groups, item groups, and the Global Ledger company. When you add a contract to become a vendor contract, specify additional information, such as contract reference and buyers.