What is legal agreement in SAP CRM-IFS - Financial Services?

SAP Term: legal agreement

• Component: CRM-IFS

• Component Name: Financial Services

• Description: Documents that prove the mutual assent between a bank and its customers when signed by both parties. In the account origination scenario for retail loans, a legal agreement can, for example, consist of the following documents: Loan details Applicant details Property information Attorney details if applicable Product, price, and features details Registered lien on collateral All supporting documents Terms and conditions governed by the bank Other conditions governed by region- or country-specific laws

Smart SAP Assistant

• Key Concepts: 
  A legal agreement in SAP CRM-IFS Financial Services is a contract between two or more parties that outlines the rights and obligations of each party. It is used to ensure that all parties involved in a transaction are aware of their responsibilities and that any disputes are resolved in a timely manner. 
  
  How to use it: 
  In SAP CRM-IFS Financial Services, legal agreements are used to define the terms of a transaction between two or more parties. This includes the rights and obligations of each party, as well as any dispute resolution procedures. The agreement should be reviewed and signed by all parties involved in the transaction before it can be enforced. 
  
  Tips & Tricks: 
  When creating a legal agreement in SAP CRM-IFS Financial Services, it is important to ensure that all parties involved understand the terms of the agreement. It is also important to ensure that all parties have access to the agreement and can review it before signing. 
  
  Related Information: 
  For more information on legal agreements in SAP CRM-IFS Financial Services, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide guidance on creating and managing legal agreements.