What is contract in SAP SRD-SRM-SC - SRM-Sourcing and Contracting?

SAP Term: contract

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: A legally-binding purchasing agreement between parties stating their respective obligations and responsibilities.

Smart SAP Assistant

• Key Concepts: 
  A contract in SAP is an agreement between two or more parties that is legally binding. It is used to define the terms and conditions of a business relationship, such as the purchase of goods or services. Contracts can be created in SAP using the SRM-Sourcing and Contracting component. 
  
  How to use it: 
  In SAP, contracts are created using the SRM-Sourcing and Contracting component. This component allows users to create contracts, define the terms and conditions of the agreement, and manage the contract lifecycle. The contract can then be used to track and manage all related activities, such as purchase orders, invoices, and payments. 
  
  Tips & Tricks: 
  When creating a contract in SAP, it is important to ensure that all relevant information is included in the agreement. This includes details such as pricing, delivery dates, payment terms, and any other relevant information. Additionally, it is important to ensure that all parties involved in the agreement are aware of the terms and conditions of the contract. 
  
  Related Information: 
  For more information on creating contracts in SAP, please refer to the official SAP documentation on SRM-Sourcing and Contracting. Additionally, there are many online resources available that provide detailed tutorials on how to create contracts in SAP.