What is contract in SAP FS-PM - Policy Management?

SAP Term: contract

• Component: FS-PM

• Component Name: Policy Management

• Description: Legal unit within a policy that enables the policyholder to conclude a primary insurance policy and more than one supplementary insurance policy jointly.

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• Key Concepts: 
  A contract in SAP FS-PM Policy Management is a legally binding agreement between two or more parties. It defines the terms and conditions of the relationship between the parties, such as the rights and obligations of each party. It also outlines the procedures for resolving disputes and other matters related to the agreement.
  
  How to use it: 
  In SAP FS-PM Policy Management, contracts are used to define the terms and conditions of a relationship between two or more parties. The contract can be created by entering the details of the agreement into the system, such as the rights and obligations of each party, as well as any dispute resolution procedures. Once created, the contract can be signed by all parties involved in order to make it legally binding.
  
  Tips & Tricks: 
  When creating a contract in SAP FS-PM Policy Management, it is important to ensure that all details are accurate and up-to-date. This includes making sure that all parties involved are aware of their rights and obligations under the agreement, as well as any dispute resolution procedures that may be included. Additionally, it is important to ensure that all signatures are valid before signing the contract.
  
  Related Information: 
  For more information on contracts in SAP FS-PM Policy Management, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide further information on how to create and manage contracts in SAP FS-PM Policy Management.