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

SAP Term: contract specialization

• Component: FS-AM-CM

• Component Name: Contract Management

• Description: A contract category that is distinguished from another by its special functions, features and characteristics. Every contract specialization is assiged to exactly one product category, the settings of which are transferred to the contracts assigned to it. Depending on the product, these settings are more, or less changeable. If the description options on the contract are insufficient, additional fields and functions can be created for a contract specialization. Attributes in the corresponding product category can be assigned to these. Only if the product is required to control the fields or features, however, is attribute assignment mandatory.

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• Key Concepts: 
  Contract specialization is a feature of SAP Contract Management (FS-AM-CM) that allows users to create and manage contracts with specific characteristics. This feature allows users to customize contracts to meet their specific needs, such as setting up payment terms, delivery dates, and other contract details. Contract specialization also allows users to track the progress of their contracts and view the status of each contract in real time. 
  
  How to use it: 
  To use contract specialization, users must first create a contract template. This template will contain all the necessary information for the contract, such as payment terms, delivery dates, and other details. Once the template is created, users can then customize the contract by adding additional details or changing existing ones. Once the contract is finalized, it can be saved and tracked in real time. 
  
  Tips & Tricks: 
  When creating a contract template, it is important to include all necessary information so that the contract can be customized easily. Additionally, it is important to review the contract regularly to ensure that all details are up-to-date and accurate. 
  
  Related Information: 
  For more information on SAP Contract Management (FS-AM-CM), please visit the SAP website at https://www.sap.com/products/contract-management.html.