What is contract in SAP FS-AM-CM - Contract Management?

SAP Term: contract

• Component: FS-AM-CM

• Component Name: Contract Management

• Description: A time-dependent linkage of contract data. The system links instances of contract elements on a time-dependent basis in the link table. Ths system usually handles the data of the instances of a contract element on a non-time-dependent basis. Individual, complex contract elements have special characteristics: Own processing options outside of Data retention outside of the contract elements in own database tables Further differentiation of time dependency Examples of complex contract elements include financial conditions and business partner. The time dependency means that the system can display the valid contract agreements as a combination of instances of contract elements at any given time. The processing logic of all subsequent processes is based on the contract status at a certain time or on the series of contract statuses over a certain time interval. &EXAMPLE& The quarterly settlement of an account contract needs all the valid financial conditions for th

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• Key Concepts: 
  Contracts are legally binding documents that define the terms and conditions of an agreement between two or more parties. In SAP FS-AM-CM Contract Management, contracts are used to manage the contractual relationships between customers and vendors. This includes creating, managing, and tracking contracts, as well as monitoring their performance. 
  
  How to use it: 
  In SAP FS-AM-CM Contract Management, users can create contracts with customers and vendors. This includes setting up the terms and conditions of the agreement, such as payment terms, delivery dates, and other relevant information. Once the contract is created, users can track its progress and performance. They can also monitor the status of the contract and make any necessary changes. 
  
  Tips & Tricks: 
  When creating a contract in SAP FS-AM-CM Contract Management, it is important to ensure that all relevant information is included. This includes payment terms, delivery dates, and any other relevant information that may be necessary for the agreement. Additionally, it is important to review the contract regularly to ensure that it is up-to-date and accurate. 
  
  Related Information: 
  For more information on SAP FS-AM-CM Contract Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS_AM_CM/latest/en-US