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

SAP Term: contract model level

• Component: FS-PM

• Component Name: Policy Management

• Description: A level in the hierarchical contract structure such as policy, contract coverage.

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• Key Concepts: 
  Contract Model Level is a feature of the SAP FS-PM Policy Management component. It is used to define the structure of a contract and the associated rules and conditions. It is composed of several levels, each of which contains different elements that are used to define the contract. The levels are hierarchical, meaning that each level contains elements that are related to the elements in the level above it. 
  
  How to use it: 
  The Contract Model Level feature is used to create a contract structure that can be used to define the rules and conditions associated with a contract. To use this feature, first create a contract model by selecting the appropriate elements from each level. Then, define the rules and conditions associated with each element. Finally, save the model and use it when creating contracts. 
  
  Tips & Tricks: 
  When creating a contract model, it is important to consider how each element will interact with other elements in the model. This will help ensure that all elements are properly linked and that all rules and conditions are properly enforced. Additionally, it is important to consider how changes to one element may affect other elements in the model. 
  
  Related Information: 
  For more information on Contract Model Level, please refer to SAP's documentation on FS-PM Policy Management. Additionally, there are many online resources available that provide tutorials and tips on using this feature.