What is group contract in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: group contract

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management A contract containing all the agreements of a partnership. At the same time, it represents the legal framework of a partnership, to which it has a 1:1 relationship; in other words each partnership has one group contract. Example 1: Agreements, such as group bonuses, that cannot or should not be distributed to individual partners in the group. Example 2: A joint correspondence address

Smart SAP Assistant

• Key Concepts: 
  Group Contract is a feature of ICM Incentive and Commission Management (ICM) that allows companies to create contracts with multiple parties at once. This feature enables companies to manage their contracts with multiple parties in a single place, making it easier to track and manage payments.
  
  How to use it: 
  To use the Group Contract feature, companies must first create a contract template that outlines the terms and conditions of the agreement. Once the template is created, companies can then add multiple parties to the contract. The parties can be added manually or imported from an external source. Once all parties are added, the contract can be activated and payments can be tracked and managed.
  
  Tips & Tricks: 
  When creating a Group Contract, it is important to ensure that all parties are aware of the terms and conditions of the agreement. Additionally, it is important to ensure that all parties are aware of their payment obligations and deadlines.
  
  Related Information: 
  For more information on Group Contracts, please refer to the ICM Incentive and Commission Management (ICM) documentation. Additionally, you can contact your ICM representative for more information on how to use this feature.