What is precontract in SAP LO-GT - Global Trade Management?

SAP Term: precontract

• Component: LO-GT

• Component Name: Global Trade Management

• Description: An outline agreement or a contract template that contains all relevant information about a trade deal. It can be used to create data in a quotation phase on the purchasing side and sales side, or for long running contracts. No follow-on documents can be created upon saving the precontract.

Smart SAP Assistant

• Key Concepts: 
  Precontract is a feature of SAP's Global Trade Management (LO-GT) component that allows users to create and manage contracts for international trade. It enables users to define the terms and conditions of a contract, such as pricing, delivery dates, payment terms, and more. Precontract also provides users with the ability to track and monitor the progress of a contract throughout its lifecycle.
  
  How to use it: 
  To use precontract, users must first create a contract in the system. This can be done by entering the relevant information into the system, such as pricing, delivery dates, payment terms, and more. Once the contract is created, users can then track and monitor its progress throughout its lifecycle. This includes tracking changes in pricing or delivery dates, as well as any other changes that may occur during the course of the contract.
  
  Tips & Tricks: 
  When creating a contract in precontract, it is important to ensure that all relevant information is entered accurately. This includes pricing, delivery dates, payment terms, and any other details that may be relevant to the contract. Additionally, it is important to regularly review and update the contract throughout its lifecycle in order to ensure that all changes are accurately reflected in the system.
  
  Related Information: 
  For more information on precontract and SAP's Global Trade Management (LO-GT) component, please refer to SAP's official documentation or contact your local SAP representative.