Contract management setup
Supplier contracts are created based on items or services purchased over the life
of the contract.
A contract is a formal, legal agreement between a buyer and a seller for the buying of goods and services. With Contract Management, you can create contracts outside of a company's legal department but still follow set guidelines such as terms and conditions. Other features of Contract Management include:
- Creating a contract from predefined terms and conditions
- Using document templates to create a contract document during negotiations
- Selecting predefined articles and terms
- Applying flexible pricing, including tiered pricing and multiple price structures for an item
- Supporting items and vendor items fromInventory Control and Purchasing
- Recording and tracking rebates
- Using retainage to withhold a portion of a payment to ensure a project is completed
See the Contract Management User Guide for processing data after the setup is complete.