What is contract year in SAP SAP-LEGAL - Global Field Legal?

SAP Term: contract year

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: Any twelve month period following i the Effective Date in case of the first Contract Year or ii any anniversary of the Effective Date in case of any subsequent Contract Year.

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• Key Concepts: 
  Contract year is a term used in SAP-LEGAL Global Field Legal Management to refer to the period of time that a contract is valid. This period of time is usually one year, but can be longer or shorter depending on the contract. The contract year is used to track the duration of a contract and to ensure that all contractual obligations are met. 
  
  How to use it: 
  In SAP-LEGAL Global Field Legal Management, the contract year is used to track the duration of a contract. The start and end dates of the contract year are entered into the system and any changes to the contract must be made within this period. The system will also track any payments or other obligations that must be fulfilled during the contract year. 
  
  Tips & Tricks: 
  It is important to keep track of the contract year in order to ensure that all contractual obligations are met. It is also important to review the contract regularly in order to ensure that it is up-to-date and that any changes are made within the specified period. 
  
  Related Information: 
  The SAP-LEGAL Global Field Legal Management system also includes other features such as document management, legal entity management, and compliance management. These features can help organizations manage their legal obligations more effectively and efficiently.