What is binding date and time in SAP AP-RFQ - SRM RFQ Processing?

SAP Term: binding date and time

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: The date and time by which supplier quotes are considered binding for the bidder.

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• Key Concepts: 
  Binding date and time is a feature in SAP SRM RFQ Processing that allows users to set a date and time when the RFQ will be binding. This means that after the binding date and time has passed, no further changes can be made to the RFQ. 
  
  How to use it: 
  To use the binding date and time feature, users must first create an RFQ in SAP SRM. Once the RFQ is created, users can set the binding date and time by going to the “Binding Date and Time” tab in the RFQ. Here, users can enter the desired date and time when they want the RFQ to become binding. 
  
  Tips & Tricks: 
  It is important to note that once the binding date and time has passed, no further changes can be made to the RFQ. Therefore, it is important to make sure that all necessary changes have been made before setting the binding date and time. 
  
  Related Information: 
  For more information on SAP SRM RFQ Processing, please refer to SAP’s official documentation here: https://help.sap.com/viewer/product/SRM_RFQ_PROCESSING/7.5/en-US