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

SAP Term: contract validity period

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: The period of time during which a contract is available as a source of supply.

Smart SAP Assistant

• Key Concepts: 
  Contract validity period is a term used in SAP SRM-Sourcing and Contracting. It is the period of time during which a contract is valid and can be used for purchasing goods or services. The validity period of a contract can be set by the buyer or supplier, depending on the terms of the agreement. 
  
  How to use it: 
  In SAP SRM-Sourcing and Contracting, the contract validity period is set when creating a new contract. The buyer or supplier can specify the start and end dates of the validity period, as well as any other conditions that must be met for the contract to remain valid. Once the contract has been created, it can be used to purchase goods or services within the specified validity period. 
  
  Tips & Tricks: 
  It is important to ensure that the contract validity period is set correctly when creating a new contract in SAP SRM-Sourcing and Contracting. This will ensure that the contract remains valid for the duration of its validity period and that any purchases made using it are valid. 
  
  Related Information: 
  For more information on setting up contracts in SAP SRM-Sourcing and Contracting, please refer to the official SAP documentation.