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MAS > 4.1 Contracts > Flashcards

4.1 Contracts Flashcards

1
Q

What does the Contracts module contain?

A

Applications to manage contracts for:
- Labor Rates
- Purchases
- Leases
- Warranties
- Software

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2
Q

What can the user do when a contract is created?

A

Define the rules that govern each type of contract

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3
Q

What can be done within the Contracts module?

A
  • 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
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4
Q

What is specified upon contract creation?

A
  • Properties
  • Terms and conditions
  • Assets
  • People
  • Licenses
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5
Q

What are the main categories of contract types within Manage?

A
  • Purchase Contracts
  • Lease/Rental Contracts
  • Labor Rate Contracts
  • Master Contracts
  • Warranty Contracts
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6
Q

List the contract types that are considered Purchase Contracts

A
  • Blanket Contract
  • Price Contract
  • Purchase Contract
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7
Q

Which contract types fall within the Lease/Rental Contract category?

A
  • Lease contract
  • Rental contract
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8
Q

Which contract types fall within the category of Labor Rate Contracts?

A
  • Labor contract
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9
Q

Which contract types fall within the category of Master Contract?

A
  • Master contract
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10
Q

Which contract types fall within the category of Warranty Contract?

A
  • Service contract
  • Warranty contract
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11
Q

Blanket contract

A

Agreement to spend a predetermined amount with the specified vendor over a period of time

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12
Q

Price Contract

A

Specifies that items or services purchased from the specified vendor over a period of time are provided at an agreed-upon price

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13
Q

Purchase Contract

A

Agreement to purchase items or services at an agreed upon price with a vendor.

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14
Q

Purchase Contract - Pre-requisites

A

To create this type of contract you must have a Purchase Order that does not specify a maximum amount

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15
Q

Lease contract

A

An agreement to lease one or more assets from a vendor

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16
Q

Rental contract

A

An agreement to rent one or more assets from a vendor

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17
Q

Things to note about Rental Contracts

A

Rental contracts can be terminated at will and do not include a buyout option

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18
Q

What are the restrictions on lease/rental contracts?

A

Only rotating items can be included on a contract line item

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19
Q

Labor contract

A

Define the rates to be paid for craft and scale combinations, as well as rates to be paid to specific contract laborers

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20
Q

Master contract

A

Associate many contract types together for the same vendor

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21
Q

Service contract

A

A warranty contract can be used to create a service contract

One indicates that an outside service provider maintains one or more assets

22
Q

Warranty contract

A

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

23
Q

What do contract statuses enable?

A

Workflow processes can be created to manage approvals, expirations, and so forth

24
Q

What status does a new contract start in?

A

DRAFT

25
Q

List the contract statuses

A

APPR
CAN
CLOSE
DRAFT
EXPIRED
PNDREV
REVISED
SUSPND
WAPPR
WSTART

26
Q

APPR status

A

The contract record is approved

27
Q

What statuses can a Contract record change to, if it is currently in status APPR?

A

CAN
CLOSE
SUSPND
EXPIRED

28
Q

CAN status

A

The contract record is closed and all its terms and conditions are met

29
Q

In which contract statuses can the record not be modified?

A

CAN
CLOSE
EXPIRED
REVISED
SUSPND

30
Q

CLOSE status

A

the contract record is closed, and all its terms and conditions are met

31
Q

DRAFT status

A

The contract is a draft

32
Q

In which contract status can all fields be edited, with the only restriction being the properties of its contract type?

A

DRAFT

33
Q

Contract is in DRAFT status. What are the possible options for status change?

A

WAPPR
APPR
CLOSE
CAN

34
Q

EXPIRED status

A

The contract record is expired

The end date for the contract has passed

35
Q

What is the only option for status change, for a contract of status EXPIRED?

A

You can change the status from expired to pending revision by revising the expired contract

36
Q

PNDREV status

A

This contract is a revised version of an existing contract

The status is similar to draft but you can only edit specified fields

37
Q

REVISED status

A

The contract record is revised

A revised status value is assigned to a revised contract that you have approved

38
Q

REVISED status - status change options?

A

None

39
Q

SUSPND status

A

The contract record is suspended

40
Q

Status change options - SUSPND status

A

APPR
CAN
CLOSE

41
Q

WAPPR status

A

The contract record is waiting for approval. You can modify the record

42
Q

Status change options - WAPPR status

A

DRAFT
APPR
CLOSE
CAN

43
Q

In what scenario is a contract revision needed

A

Make changes to a contract that has a status of approved

44
Q

When is the Revise Contract action made available?

A

Contracts that do not have an existing revision that has the status of APPR

45
Q

What can be associated with all contracts?

A

Terms and conditions

46
Q

What kind of information do terms and conditions contain?

A

Information such as:
- liability concerns
- shipping and handling details, or
- delivery time expectations

47
Q

Where are terms and conditions created and maintained?

A

Terms and Conditions application

48
Q

Other options (aside from application) for creating Terms and Conditions?

A

Can create terms for a specific record

49
Q

What happens to terms created for a specific record?

A

Remain with the record and do not become part of the library of information in the Terms and Conditions application

50
Q

What pertaining to contracts can be done in the Organizations application?

A

Contract types can be added or modified through the Organizations application:
- Different properties can be modified
- terms and conditions can be added or removed

MAS (50 decks)

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