Price agreements
A price agreement is a pricing tool that is set up in Contract Pricing under the Vendor Purchase type of a Contract Type. Price agreements provide the item cost (unit cost) for purchase order and requisition lines. If a cost defaulting hierarchy that specifies price agreements is set up for your company, certain price agreements might be referenced for item costs.
Item costs and order information in procurement groups are stored in price agreements. These types of price agreements apply to requisitions: contract, catalog or quote, and blanket. Contract participants can also be associated with contracts in Contract Pricing. See the Contract Management User Guide.