What is local contract in SAP SRM-EBP-CON - Contract Management?

SAP Term: local contract

• Component: SRM-EBP-CON

• Component Name: Contract Management

• Description: A contract in the local backend system generated from a global outline agreement.

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• Key Concepts: 
  A local contract is a type of contract created in SAP SRM-EBP-CON Contract Management. It is a contract between a company and a vendor that is valid only for a specific location or region. The terms and conditions of the contract are specific to the location or region, and the contract is not valid outside of that area. 
  
  How to use it: 
  In SAP SRM-EBP-CON Contract Management, local contracts can be created by entering the relevant details such as the vendor, the location or region, and the terms and conditions of the contract. Once the contract is created, it can be used to manage the relationship between the company and the vendor in that specific location or region. 
  
  Tips & Tricks: 
  When creating a local contract in SAP SRM-EBP-CON Contract Management, it is important to ensure that all relevant details are entered correctly. This will ensure that the contract is valid and enforceable in the specified location or region. 
  
  Related Information: 
  Local contracts are just one type of contract that can be created in SAP SRM-EBP-CON Contract Management. Other types of contracts include global contracts, blanket contracts, and framework contracts.