What is option type in SAP CRM-LAM - CRM Leasing?

SAP Term: option type

• Component: CRM-LAM

• Component Name: CRM Leasing

• Description: Describes the purpose of a financing option. The option types are listed below: Mid-lease options Early cancellation Buyout Rollover Base lease extension Upgrade End-of-lease options Conclude Purchase Renewal Continuation

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• Key Concepts: 
  Option Type is a feature of SAP CRM Leasing and Asset Management (CRM-LAM) that allows users to define different types of options for leasing contracts. Options are used to define the terms of a contract, such as the duration, payment terms, and other conditions. Option Types are used to categorize different types of options and make them easier to manage. 
  
  How to use it: 
  Option Types can be created in the CRM-LAM system by navigating to the “Options” tab in the main menu. From there, users can create new Option Types by entering a name and description for the type. Once an Option Type is created, users can then create individual options within that type. 
  
  Tips & Tricks: 
  When creating Option Types, it is important to make sure that they are clearly defined and easy to understand. This will help users quickly identify which type of option they need when creating a contract. Additionally, it is important to keep track of all Option Types and their associated options in order to ensure that all contracts are properly configured. 
  
  Related Information: 
  For more information on SAP CRM Leasing and Asset Management (CRM-LAM), please refer to the official SAP documentation at https://help.sap.com/viewer/product/CRM_LAM/7.0/en-US.