What is renewal option in SAP RE - Real Estate Management?

SAP Term: renewal option

• Component: RE

• Component Name: Real Estate Management

• Description: Indicates for how long and at what periods a contract can be extended.

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• Key Concepts: 
  Renewal Option in SAP RE is a feature that allows users to extend the duration of a lease agreement. This feature is used to extend the duration of a lease agreement beyond its original expiration date. The renewal option can be used to extend the lease for a fixed period of time or for an indefinite period of time. 
  
  How to use it: 
  To use the Renewal Option in SAP RE, users must first create a renewal option in the Lease Agreement. This can be done by selecting the “Create Renewal Option” button in the Lease Agreement screen. Once the renewal option is created, users can then select the “Renew Lease” button to extend the duration of the lease agreement. 
  
  Tips & Tricks: 
  When creating a renewal option, it is important to ensure that all relevant information is entered correctly. This includes the start and end dates of the renewal period, as well as any additional terms and conditions that may apply. Additionally, it is important to ensure that all relevant documents are attached to the renewal option before it is saved. 
  
  Related Information: 
  For more information on Renewal Options in SAP RE, please refer to SAP Help documentation or contact your local SAP support team. Additionally, there are several online resources available that provide detailed instructions on how to use this feature.