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

SAP Term: contract lock

• Component: FS-PM

• Component Name: Policy Management

• Description: Prevents more than one application, which has not been released or refused, from existing for a Contract business object. The Inquiry business process can ignore this lock, as no persistent new contract status is created.

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• Key Concepts: 
  Contract lock is a feature in SAP FS-PM Policy Management that allows users to lock contracts and prevent any changes from being made to them. This ensures that the contract remains unchanged and valid throughout its duration. It also helps to ensure that all contractual obligations are met. 
  
  How to use it: 
  To use the contract lock feature, users must first create a contract in SAP FS-PM Policy Management. Once the contract is created, users can then select the “Lock Contract” option from the menu. This will prevent any changes from being made to the contract until it is unlocked. 
  
  Tips & Tricks: 
  It is important to remember that once a contract is locked, it cannot be unlocked until the contract has expired or been terminated. Additionally, users should be aware that any changes made to a locked contract will not be saved and will be discarded when the contract is unlocked. 
  
  Related Information: 
  For more information on using the contract lock feature in SAP FS-PM Policy Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed instructions on how to use this feature.