What is contract in SAP CRM - Customer Relationship Management?

SAP Term: contract

• Component: CRM

• Component Name: Customer Relationship Management

• Description: A long-term agreement with customers that allows them to buy goods or services at special conditions, such as lower prices, based on specific terms that have been negotiated beforehand. Products or services are released ordered, or called off from a contract over a certain timeframe. Types of contracts include: Sales contracts Lease contracts Service contracts

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• Key Concepts: 
  A contract in SAP CRM Customer Relationship Management is a legally binding agreement between two or more parties. It outlines the terms and conditions of a business relationship, such as the duration of the agreement, the services to be provided, and any applicable fees. Contracts are used to ensure that all parties involved in a business relationship are aware of their rights and obligations.
  
  How to Use It: 
  In SAP CRM, contracts can be created and managed in the Contract Management module. This module allows users to create contracts, assign them to customers, and track their progress. Users can also view contract details, such as the start and end dates, payment terms, and any applicable fees.
  
  Tips & Tricks: 
  When creating a contract in SAP CRM, it is important to ensure that all relevant information is included. This includes the duration of the agreement, the services to be provided, and any applicable fees. Additionally, it is important to ensure that all parties involved in the contract are aware of their rights and obligations.
  
  Related Information: 
  For more information on contracts in SAP CRM Customer Relationship Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed information on how to create and manage contracts in SAP CRM.