What is contract award in SAP CRM-IPH - Pharmaceuticals?

SAP Term: contract award

• Component: CRM-IPH

• Component Name: Pharmaceuticals

• Description: Status that refers to a contract accepted by the negotiating parties, and therefore, available for pricing on effective date.

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• Key Concepts: 
  Contract award is a process in SAP CRM-IPH Pharmaceuticals that allows customers to select a vendor for a particular product or service. The process involves evaluating bids from vendors, selecting the most suitable one, and awarding the contract to the chosen vendor. The contract award process is an important part of the procurement process and helps ensure that customers get the best value for their money.
  
  How to use it: 
  To use the contract award process in SAP CRM-IPH Pharmaceuticals, customers must first create a request for proposal (RFP) and send it out to potential vendors. Vendors then submit bids in response to the RFP, which are evaluated by the customer. After evaluating all bids, the customer selects the most suitable vendor and awards them the contract. The customer then enters into a contractual agreement with the chosen vendor.
  
  Tips & Tricks: 
  When evaluating bids from vendors, it is important to consider not only price but also quality of service and other factors such as delivery times and payment terms. It is also important to ensure that all vendors are treated fairly and that no one vendor has an unfair advantage over another.
  
  Related Information: 
  The contract award process is closely related to other procurement processes such as request for quotation (RFQ) and request for information (RFI). It is also related to other processes such as supplier selection and supplier evaluation.