What is contract in SAP LOD-ESO - Sourcing OnDemand?

SAP Term: contract

• Component: LOD-ESO

• Component Name: Sourcing OnDemand

• Description: A legally binding document between two parties defining the purchase and supply of goods or services at agreed prices and conditions over an agreed period. A contract contains a combination of structured information attributes and line item tables and unstructured information clauses.

Smart SAP Assistant

• Key Concepts: 
  A contract in SAP LOD-ESO Sourcing OnDemand is an agreement between two or more parties that outlines the terms and conditions of a transaction. It is used to define the scope of the transaction, the responsibilities of each party, and the payment terms. Contracts can be used for a variety of purposes, such as purchasing goods or services, leasing equipment, or providing services.
  
  How to Use it: 
  In SAP LOD-ESO Sourcing OnDemand, contracts are created and managed in the Contract Management module. This module allows users to create contracts, assign them to vendors, and track their progress. Users can also view and edit existing contracts, as well as create new ones. Additionally, users can set up automated notifications for when contracts are due for renewal or when they need to be reviewed.
  
  Tips & Tricks: 
  When creating a contract in SAP LOD-ESO Sourcing OnDemand, it is important to ensure that all parties involved are aware of the terms and conditions outlined in the agreement. Additionally, it is important to review the contract regularly to ensure that all parties are adhering to the terms and conditions outlined in the agreement.
  
  Related Information: 
  For more information on contract management in SAP LOD-ESO Sourcing OnDemand, please refer to the official documentation available on the SAP website. Additionally, there are several online resources available that provide detailed tutorials on how to use this module.