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

SAP Term: Contracts

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: A work center view in which the buyer can manage the life cycle of a contract from the negotiation and creation stages, to the maintenance and monitoring of an agreed contract. Contracts is also a business option in business configuration.

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• Key Concepts: 
  Contracts in SAP are legally binding documents that define the terms and conditions of a business relationship between two or more parties. They are used to manage the procurement process, from creating and negotiating contracts to managing the contract lifecycle. Contracts can be used to define the terms of a purchase order, such as pricing, delivery dates, payment terms, and more.
  
  How to use it: 
  In SAP SRM-Sourcing and Contracting, contracts can be created and managed in the system. The contract management process includes creating a contract template, negotiating the terms of the contract, and then signing off on the agreement. Once the contract is signed off, it can be used to generate purchase orders and track the progress of the contract throughout its lifecycle.
  
  Tips & Tricks: 
  When creating a contract in SAP SRM-Sourcing and Contracting, it is important to ensure that all of the necessary information is included in the document. This includes pricing information, payment terms, delivery dates, and any other relevant details. It is also important to ensure that all parties involved in the contract are aware of their obligations under the agreement.
  
  Related Information: 
  For more information on contracts in SAP SRM-Sourcing and Contracting, please refer to SAP's official documentation on Contracts (https://help.sap.com/viewer/product/SRM_SOURCING_AND_CONTRACTING/7.5/en-US).