When working with contracts for rotating assets, you can
change the contract status, create payment schedules, associate leases
and contracts with master contracts, and create terms and conditions.
Contract statuses
Contract records have a status to indicate where the record
is in a contract life cycle. Because contract records have statuses,
you can create Workflow processes for contracts to manage approvals,
expirations, renewals, and so forth. When you create a new contract,
the Status field is set to DRAFT.
Payment schedules for lease and rental contracts
A payment schedule for a lease or rental contract is a series of
scheduled payments for a leased or rented asset. You can schedule the payments
to occur weekly, monthly, or on certain days or dates. When you create a payment
schedule for an asset, invoice records are generated.
Associated lease and rental contracts
You can use an approved master contract to create associated lease
or rental contracts for the same vendor. The master contract contains vendor
information and defines terms and conditions for transactions with the vendor.
The associated contract contains the identifier of the master contract and
the current revision number, if applicable.
Terms and conditions for labor rate contracts
You can associate terms and conditions with a labor rate contract.
These terms can contain information such as liability concerns, shipping and
handling details, or delivery time expectations.
Contract revisions
You can revise a contract record to make changes to the
contract that has a status value of APPR (approved).
The Revise Contract action is available to
contracts that do not have an existing revision and that has the status
value of APPR (approved).