Contract Management Module:

This module is used to create and manage contracts between the company and vendor/customer for the equipment maintenance (AMC/CMC) and service. It records details of assets/equipment or service with contract period, terms of payment, terms of service, vendor details, responsible department of the contract, renewal reminder days, various notes, softcopy of contract and any other attachments.

1. Type of Contracts

Contracts can be created for either assets/equipment or services, depending on the contract type parameter.

a. Assets/equipment-Based Contracts

• Amount of the contract can be selected based on individual assets/equipment or lump sum. Can calculate the contract amount by giving % or fixed amount based on individual assets/equipment.
• Select the assets/equipment in the second tab.

b. Service-Based Contracts

• Amount of the contract can be selected as a lump sum.
• Enter the service details in the descriptions column.

2. Partner Type

Contracts can be created both with suppliers or customers. There is an option to choose customer details while selecting the partner type as customer.

3. Contract Renewal Process

Contracts can be renewed either after or before the contract end date.

a. Renewal Button

• Use the "Renew" button in the contract management form to renew contracts.
• When you renew the contract, a new contract is automatically created with the old contract reference number (column – old contract number) and existing contract will have new contract reference number (column – new contract number).
• The automatically created new contract will have all data including notes, attachment from existing contract except date, signed by, signed date, etc. The new contract (record) will have new contract number, date, new contract period (contract start date and end date) and assets details or service details.
• The new contract can be further updated for any changes required.
• Renew button will be visible for transaction status active records, pending and inactive records can’t be renewed.

4. Expiry Status Update

• When a contract is renewed, the expiry status of the old contract will change to "Renew in Process" until the new contract record status is pending. Once the new contract record becomes active, the status will update to "Renewed."
• There are 4 expiry statuses like:
• Expired – When the contract end date is less than current date and not renewed (no new contract number in the record).
• Renew in Process – Contract is renewed but the new contract transaction status is pending.
• Renewed – Contract is renewed and new contract transaction status is active.
• To Renew – When the contract end date is greater than current date and new contract number is blank.
• Records with transaction status pending and inactive will not be considered for expiry reports.

5. Editing the Contract

• Contracts can only be edited when the transaction status is pending. Once converted to active, no further edits are allowed.
• You will not be able to edit the column Contract type (assets / service) once it is created, only delete is allowed if status is pending.
• When a new contract is created, it will have pending as transaction status, once it is signed and completed can change status to active.
• When you update the status to active, all related assets/equipment in the contract also get updated with the new contract end date in assets/equipment master.

6. Action button for active contracts

• Using actions button, user can update revision date of contract, extend the contract, terminate contract, update custodian, repeat reminder flag control and file uploading.

7. Contract Approval

• Contracts for both customers and suppliers support two levels of approval, configurable based on company master settings.
• User can enable or disable the approval process through the company master.

8. Contract Reports and Dashboard

• There are multiple parameters available for creating contracts reports and dashboard.
• Records with transaction status pending and inactive will not be considered for expiry status reports, but all records can be seen in full data set option.
• Reports can be generated in PDF and CSV format.