Contract Management overview

Contract Management enables you to perform the following actions:

  • Create contracts from contract types or user-defined templates.
  • Track contract and payment details.
  • Define payments for contracts and generate payment schedules.
  • Associate contracts with multiple assets.
  • Maintain a table of standard contract terms and conditions.
  • Create contract templates.
  • Renew contracts automatically.

The contract life cycle

You can manage a contract throughout the contract life cycle. To do so, follow these steps:

  1. Create the contract.
    The initial status of the contract is draft. You can delete a contract only while it is in Draft status.
  2. The contract term begins on the start date entered in Service Manager.
    On the start date, the status of the contract changes to Current.
  3. The contract term ends on the expiration date entered in the system.
    At the end of the contract term, you must renew the contract, otherwise it expires.

Contract types

Contract Management is useful to companies that have assets under contract. To use Contract Management, a company must be licensed to use the Configuration Management application. Service Manager supports the following contract types.

Type Definition
Lease Define general leasing conditions.
Maintenance Define a maintenance contract.
Software Define a software license agreement.
Support Define asset support.
Warranty Track warranty data about your asset.