4.1 Contracts Flashcards
What does the Contracts module contain?
Applications to manage contracts for:
- Labor Rates
- Purchases
- Leases
- Warranties
- Software
What can the user do when a contract is created?
Define the rules that govern each type of contract
What can be done within the Contracts module?
- Prices and payment schedules may be adjusted
- Service level agreements can be associated with contracts
- Contract and contract revision histories can be viewed
- Master contracts can also be made to associate multiple contracts to a vendor
What is specified upon contract creation?
- Properties
- Terms and conditions
- Assets
- People
- Licenses
What are the main categories of contract types within Manage?
- Purchase Contracts
- Lease/Rental Contracts
- Labor Rate Contracts
- Master Contracts
- Warranty Contracts
List the contract types that are considered Purchase Contracts
- Blanket Contract
- Price Contract
- Purchase Contract
Which contract types fall within the Lease/Rental Contract category?
- Lease contract
- Rental contract
Which contract types fall within the category of Labor Rate Contracts?
- Labor contract
Which contract types fall within the category of Master Contract?
- Master contract
Which contract types fall within the category of Warranty Contract?
- Service contract
- Warranty contract
Blanket contract
Agreement to spend a predetermined amount with the specified vendor over a period of time
Price Contract
Specifies that items or services purchased from the specified vendor over a period of time are provided at an agreed-upon price
Purchase Contract
Agreement to purchase items or services at an agreed upon price with a vendor.
Purchase Contract - Pre-requisites
To create this type of contract you must have a Purchase Order that does not specify a maximum amount
Lease contract
An agreement to lease one or more assets from a vendor
Rental contract
An agreement to rent one or more assets from a vendor
Things to note about Rental Contracts
Rental contracts can be terminated at will and do not include a buyout option
What are the restrictions on lease/rental contracts?
Only rotating items can be included on a contract line item
Labor contract
Define the rates to be paid for craft and scale combinations, as well as rates to be paid to specific contract laborers
Master contract
Associate many contract types together for the same vendor
Service contract
A warranty contract can be used to create a service contract
One indicates that an outside service provider maintains one or more assets
Warranty contract
Created in conjunction with the purchase of an asset and generally has no cost associated with it
Has details of what is covered by a warranty
if a warranty contract is purchased it is an extended warranty
What do contract statuses enable?
Workflow processes can be created to manage approvals, expirations, and so forth
What status does a new contract start in?
DRAFT
