Contract Management setup

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.