What is period of notice in SAP RE - Real Estate Management?

SAP Term: period of notice

• Component: RE

• Component Name: Real Estate Management

• Description: A period of time regulated by law or individual contract after the expiry of which the notice served on a lease-out becomes effective.

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• Key Concepts: 
  Period of notice is a term used in SAP Real Estate Management (RE-FX) to refer to the amount of time that must pass before a contract can be terminated. It is usually specified in the contract and is typically between one and three months. The period of notice is important for both parties to ensure that they have enough time to prepare for the termination of the contract.
  
  How to use it: 
  In SAP RE-FX, the period of notice is entered into the system when creating a contract. This information is then used to calculate the termination date of the contract. The system will also alert users when the period of notice has expired, so that they can take appropriate action.
  
  Tips & Tricks: 
  When entering a period of notice into SAP RE-FX, it is important to make sure that it is accurate and up-to-date. This will ensure that the system calculates the correct termination date and alerts users in a timely manner.
  
  Related Information: 
  The period of notice is just one aspect of contract management in SAP RE-FX. Other important aspects include contract duration, payment terms, and renewal options. It is important to understand all aspects of a contract in order to ensure that it meets the needs of both parties.