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

SAP Term: declined

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: Indicating that a buyer has declined a supplier quote and thus excluded it from the awarding process.

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• Key Concepts: 
  Declined is a status in SAP SRM-Sourcing and Contracting that indicates that a contract has been rejected by the supplier. This status is used to indicate that the supplier has not accepted the terms of the contract and will not be able to fulfill the requirements of the contract. 
  
  How to use it: 
  When a contract is declined, it is important to take action quickly. The first step is to contact the supplier and try to negotiate a better deal. If this is not possible, then it may be necessary to look for another supplier who can meet the requirements of the contract. 
  
  Tips & Tricks: 
  When negotiating with suppliers, it is important to be clear about what you are asking for and what you are willing to accept. It is also important to be flexible and open to compromise in order to reach an agreement. 
  
  Related Information: 
  In SAP SRM-Sourcing and Contracting, there are several other statuses that can be used to indicate the progress of a contract. These include “pending”, “approved”, “rejected”, “cancelled”, and “closed”. Each of these statuses has its own implications and should be handled accordingly.