What is governing terms in SAP LO-AGR-CC - Commodity Contracts, Expenses, Basic Functions?

SAP Term: governing terms

• Component: LO-AGR-CC

• Component Name: Commodity Contracts, Expenses, Basic Functions

• Description: A standard contract term published by an agency. It is used to govern contracts for a commodity or within a region.

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• Key Concepts: 
  Governing terms are the conditions that must be met in order for a contract to be valid. These terms are typically set out in the contract itself and can include payment terms, delivery terms, and other conditions. In SAP, governing terms are used to define the conditions of a contract in the LO-AGR-CC Commodity Contracts, Expenses, Basic Functions component. 
  
  How to use it: 
  In order to use governing terms in SAP, you must first create a contract. Once the contract is created, you can enter the governing terms into the system. This can be done by selecting the “Governing Terms” tab in the contract and entering the relevant information. You can also add additional governing terms as needed. 
  
  Tips & Tricks: 
  When entering governing terms into SAP, it is important to make sure that all of the information is accurate and up-to-date. This will ensure that the contract is valid and enforceable. Additionally, it is important to review all of the governing terms before signing a contract to make sure that they are acceptable. 
  
  Related Information: 
  For more information on governing terms in SAP, please refer to the official SAP documentation on LO-AGR-CC Commodity Contracts, Expenses, Basic Functions. Additionally, you can find more information on contracts and governing terms in general by consulting legal resources such as books or websites.