Creating master contracts

A master contract defines the relationship with a vendor, and contains terms and conditions that apply to associated contracts. You create a master contract in the Master Contracts application.

Procedure

  1. In the Master Contracts application, click New Master Contract.
    The new contract is displayed with a draft status, a start date set to the current date, and the contract type set to master.
  2. Optional: Specify values for the vendor reference number, buyer, start date, end date, renewal date, and total cost.
    You can change the total cost until the contract is approved.
  3. Specify the currency for the contract.
  4. Optional: In the Vendor table window, provide information for the vendor.
  5. Save the master contract.

What to do next

When you create a master contract, the contract is given a unique contract number. You can append this number to further differentiate this contract from other contracts. For example, if you have multiple sites and want to track contracts by site, you can append contract numbers from a site with indicators, such as building numbers or site names.