What is renegotiation purchasing contract reference in SAP AP-RFQ - SRM RFQ Processing?

SAP Term: renegotiation purchasing contract reference

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: A reference from a request for quote to a purchasing contract indicating that the request for quote was created to renegotiate the purchasing contract with the primary supplier. Other suppliers can be invited to the negotiations, too.

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• Key Concepts: 
  Renegotiation purchasing contract reference is a component of SAP SRM RFQ Processing. It allows buyers to renegotiate the terms of an existing purchasing contract with a supplier. This includes changing the price, delivery date, and other conditions of the contract. 
  
  How to use it: 
  To use renegotiation purchasing contract reference, buyers must first create a purchasing contract with a supplier. Once the contract is created, buyers can use the renegotiation purchasing contract reference to modify the terms of the contract. This can be done by selecting the “Renegotiate” option in the SAP SRM RFQ Processing menu. 
  
  Tips & Tricks: 
  When renegotiating a purchasing contract, it is important to ensure that all changes are documented and agreed upon by both parties. This will help avoid any misunderstandings or disputes in the future. Additionally, buyers should always review their contracts regularly to ensure that they are up-to-date and reflect any changes in pricing or other conditions. 
  
  Related Information: 
  For more information on renegotiation purchasing contract reference, please refer to SAP’s official documentation on SRM RFQ Processing. Additionally, buyers may find it helpful to consult with their suppliers before making any changes to an existing purchasing contract.