A lease or rental contract defines the terms and conditions
of the agreement between the vendor and the customer. You can associate
items with contracts, purchase leased assets, return leased assets,
adjust prices, and create payment schedules.
Creating lease and rental contracts
You create a lease or rental contract to define the overall terms
and conditions of an agreement between a vendor and a customer.
Revising contracts
You can create a revised version of a contract. You can
also create multiple revisions of a contract.
Creating terms
You can create terms and conditions that can later be associated
with a contract or purchasing record. Terms and conditions can contain
information such as: liability concerns, shipping and handling details,
and delivery time expectations.
Associating existing terms with records
You can associate terms and conditions with records to
define the rules that your company and your vendors must follow on
purchase order and contract transactions.
Purchasing leased assets
In the Lease/Rental Contracts application, you can purchase
one or more leased assets that are associated with your contracts.
The asset can be part of a payment stream.
Returning leased assets
In the Lease/Rental Contracts application, you can return
one or more leased assets that are associated with your contracts.
Adjusting prices on contracts
You can apply a price adjustment to a contract record to
change the prices of its line items. You can raise or lower prices
based on a percentage value.