In the Purchase Contracts application, you can maintain
purchase contracts with outside vendors. You can create purchase contracts,
blanket contracts, and price contracts.
Procedure
- In the Purchase Contracts application, click New
Purchase Contract.
The status of the
new contract is set to draft and the start date is set to the current
date.
- Specify one of the following types of contracts:
| Option |
Description |
|---|
| Blanket contract |
To create an agreement to spend a predetermined amount with
the vendor over a period of time. |
| Price contract |
To create a contract that specifies that items or services
purchased from the vendor over a period of time are provided at an
agreed-upon price. |
| Purchase contract |
To create an agreement to purchase items or services at an
agreed-upon price with a vendor. To create this type of contract,
you must have a purchase order without a specified maximum amount. |
- Specify the currency value.
- Optional: If you are creating a blanket contract,
specify the following values:
| Option |
Description |
|---|
| Maximum Release Amount |
- To set a spending limit on a blanket contract, specify a maximum
amount when you create the blanket contract.
- To set a spending limit for each release purchase order against
the blanket contract, specify a maximum release amount.
|
When the create release property is selected, you can specify
or change information in the Maximum Release Amount field.
- Optional: Provide additional detail and vendor
information.