What is quotes must be valid until in SAP SRD-SRM-SC - SRM-Sourcing and Contracting?

SAP Term: quotes must be valid until

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: A date until which a bidder is legally bound by a submitted quote.

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• Key Concepts: 
  A quote must be valid until is a term used in SAP SRM-Sourcing and Contracting. It refers to the date by which a quote must be accepted or rejected by the buyer. This date is set by the seller and is usually based on the availability of the goods or services being offered. 
  
  How to use it: 
  When creating a quote in SAP SRM-Sourcing and Contracting, the seller will need to set a valid until date. This date should be based on the availability of the goods or services being offered, as well as any other factors that may affect the buyer’s decision. Once this date has been set, it cannot be changed. 
  
  Tips & Tricks: 
  It is important to set a valid until date that is reasonable for both parties. If the date is too short, it may not give the buyer enough time to make an informed decision. On the other hand, if the date is too long, it may cause delays in processing the quote. 
  
  Related Information: 
  The valid until date is just one of many factors that should be considered when creating a quote in SAP SRM-Sourcing and Contracting. Other important factors include pricing, delivery terms, payment terms, and any special requirements or conditions that may apply.