Labor rate contacts overview

You can create associated labor rate contracts for the same vendor, set contract statuses, and select terms and conditions for labor rate contracts.

Associated labor rate contracts
You can use an approved master contract to create associated labor rate 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.
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.
Terms and conditions for labor rate contracts
You can associate terms and conditions with a labor rate contract. These terms can contain information such as liability concerns, shipping and handling details, or delivery time expectations.

Parent topic: Labor Rate Contracts