How do I create and manage Procurement Contracts in the system?
In the Procurement Contracts application, you can create and manage records to track contractual agreements with suppliers. When creating a contract, you can define key details such as the associated supplier, contract type (quantity-based or value-based), transaction currency, and the specific items that can be procured under the contract. You can also specify payment and shipping terms, which will automatically apply to any orders placed using the contract.
Contracts operate within defined effective dates and can only be activated between the âEffective Fromâ and âEffective Throughâ dates. You can optionally configure automatic renewals, which will trigger the creation of a new contract once the current one expires.
Once a contract is active, it can be referenced on procurement orders, enabling purchases to be made against the agreed terms.
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You can check out the âProcurement Contractsâ page on Nextworld Help if you need any more context!
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