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

SAP Term: contract element

• Component: FS-PM

• Component Name: Policy Management

• Description: Part of an insurance policy. A contract element consists of main axis elements, such as a subcoverage, and lateral objects, such as a clause. For more information, see the glossary definitions for main axis element and lateral object.

Smart SAP Assistant

• Key Concepts: 
  Contract element is a component of the SAP FS-PM Policy Management module. It is used to define the terms and conditions of a contract between two parties. It includes information such as the duration of the contract, the payment terms, and any other relevant details. 
  
  How to use it: 
  Contract elements can be created in the SAP system by entering the relevant information into the appropriate fields. Once created, they can be used to generate contracts for customers or suppliers. The contract element can also be used to track changes in the contract over time. 
  
  Tips & Tricks: 
  When creating a contract element, it is important to ensure that all relevant information is included. This will help to ensure that the contract is legally binding and enforceable. Additionally, it is important to keep track of any changes that are made to the contract element over time. 
  
  Related Information: 
  The SAP FS-PM Policy Management module also includes other components such as payment terms, payment methods, and payment schedules. These components can be used in conjunction with contract elements to create comprehensive contracts for customers or suppliers.