You can use a warranty contract to create a service contract.
A service contract indicates that an outside service provider maintains
one or more assets.
Associated warranty contracts
You can use an approved master contract to create associated
warranty 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.
Status of warranty contracts
As your business needs change, you can change the status
of warranty contracts to approved, canceled, closed, or waiting on
approval. When you create a warranty contract, the status of the contract
is set to draft.
Terms and conditions for warranty contracts
You can associate terms and conditions with a warranty 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).
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.