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

SAP Term: purchasing contract

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: A legally-binding agreement between a buyer and a supplier that covers the supply of materials and services at specified conditions.

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• Key Concepts: 
  A purchasing contract is an agreement between a buyer and a seller that outlines the terms and conditions of a purchase. It is used to define the scope of the purchase, the price, delivery terms, payment terms, and other important details. It is also used to ensure that both parties are in agreement on the terms of the purchase. 
  
  How to use it: 
  In SAP SRM-Sourcing and Contracting, purchasing contracts are used to define the terms of a purchase. They can be created manually or automatically based on a sourcing event. Once created, they can be used to manage the purchase process from start to finish. This includes creating purchase orders, tracking delivery and payment status, and managing any disputes that may arise. 
  
  Tips & Tricks: 
  When creating a purchasing contract in SAP SRM-Sourcing and Contracting, it is important to ensure that all relevant information is included. This includes the scope of the purchase, pricing, delivery terms, payment terms, and any other details that may be relevant. It is also important to ensure that both parties are in agreement on all of the terms before signing off on the contract. 
  
  Related Information: 
  For more information on purchasing contracts in SAP SRM-Sourcing and Contracting, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SRM_SOURCING_AND_CONTRACTING/7.5/en-US