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
List the contract statuses
APPR
CAN
CLOSE
DRAFT
EXPIRED
PNDREV
REVISED
SUSPND
WAPPR
WSTART
APPR status
The contract record is approved
What statuses can a Contract record change to, if it is currently in status APPR?
CAN
CLOSE
SUSPND
EXPIRED
CAN status
The contract record is closed and all its terms and conditions are met
In which contract statuses can the record not be modified?
CAN
CLOSE
EXPIRED
REVISED
SUSPND
CLOSE status
the contract record is closed, and all its terms and conditions are met
DRAFT status
The contract is a draft
In which contract status can all fields be edited, with the only restriction being the properties of its contract type?
DRAFT
Contract is in DRAFT status. What are the possible options for status change?
WAPPR
APPR
CLOSE
CAN
EXPIRED status
The contract record is expired
The end date for the contract has passed
What is the only option for status change, for a contract of status EXPIRED?
You can change the status from expired to pending revision by revising the expired contract
PNDREV status
This contract is a revised version of an existing contract
The status is similar to draft but you can only edit specified fields
REVISED status
The contract record is revised
A revised status value is assigned to a revised contract that you have approved
REVISED status - status change options?
None
SUSPND status
The contract record is suspended
Status change options - SUSPND status
APPR
CAN
CLOSE
WAPPR status
The contract record is waiting for approval. You can modify the record
Status change options - WAPPR status
DRAFT
APPR
CLOSE
CAN
In what scenario is a contract revision needed
Make changes to a contract that has a status of approved
When is the Revise Contract action made available?
Contracts that do not have an existing revision that has the status of APPR
What can be associated with all contracts?
Terms and conditions
What kind of information do terms and conditions contain?
Information such as:
- liability concerns
- shipping and handling details, or
- delivery time expectations
Where are terms and conditions created and maintained?
Terms and Conditions application
Other options (aside from application) for creating Terms and Conditions?
Can create terms for a specific record
What happens to terms created for a specific record?
Remain with the record and do not become part of the library of information in the Terms and Conditions application
What pertaining to contracts can be done in the Organizations application?
Contract types can be added or modified through the Organizations application:
- Different properties can be modified
- terms and conditions can be added or removed
