What is master agreement in SAP SAP-LEGAL - Global Field Legal?

SAP Term: master agreement

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: A document agreed between two parties that sets out standard terms that apply to all the transactions entered into between those parties.

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• Key Concepts: 
  A master agreement is a legally binding contract between two parties that outlines the terms and conditions of their relationship. It is used to define the scope of the agreement, the responsibilities of each party, and the rights and obligations of both parties. It is typically used in business relationships where there is a need for a long-term agreement. 
  
  How to use it: 
  In SAP-LEGAL Global Field Legal Management, master agreements are used to define the terms and conditions of a business relationship between two parties. The master agreement can be used to define the scope of the agreement, the responsibilities of each party, and the rights and obligations of both parties. The master agreement can also be used to set up payment terms, delivery terms, and other contractual obligations. 
  
  Tips & Tricks: 
  When creating a master agreement in SAP-LEGAL Global Field Legal Management, it is important to ensure that all relevant information is included in the agreement. This includes details such as payment terms, delivery terms, and any other contractual obligations. Additionally, it is important to ensure that all parties involved in the agreement are aware of their rights and obligations under the agreement. 
  
  Related Information: 
  For more information on master agreements in SAP-LEGAL Global Field Legal Management, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, you can find more information on legal contracts and agreements on websites such as LawDepot or Nolo.