What is in renewal in SAP SRM - Supplier Relationship Management?

SAP Term: in renewal

• Component: SRM

• Component Name: Supplier Relationship Management

• Description: Status assumed by a released contract when it is transferred to SAP Bidding Engine using the "Negotiate" function.

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• Key Concepts: 
  In renewal is a process in SAP Supplier Relationship Management (SRM) that allows customers to renew contracts with suppliers. This process helps customers to maintain their existing relationships with suppliers and to ensure that they are getting the best value for their money. 
  
  How to use it: 
  In renewal is a process that can be initiated by either the customer or the supplier. The customer can initiate the process by sending a request to the supplier for a renewal of the contract. The supplier can then respond with an offer for a new contract. Once both parties have agreed on the terms of the new contract, it can be signed and implemented. 
  
  Tips & Tricks: 
  When initiating an in renewal process, it is important to ensure that all of the details of the new contract are clearly outlined and agreed upon by both parties. This will help to ensure that there are no misunderstandings or disputes later on. Additionally, it is important to keep track of all documents related to the in renewal process, such as contracts and invoices, as these can be used as evidence in case of any disputes. 
  
  Related Information: 
  In renewal is just one of many processes available in SAP Supplier Relationship Management (SRM). Other processes include creating and managing contracts, managing supplier performance, and managing supplier payments. Additionally, SRM also provides tools for analyzing supplier data and creating reports.