Master contracts overview
You can change the status of a master contract, associate
terms and conditions for a master contract, associate contracts with
a master contract, and create copies of a master contract.
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.
Associated contracts
In the Master Contracts application, you can create associated contracts for an approved master contract. Master contracts can have one or more associated contracts, and can contain several contracts of a particular type.
Terms and conditions for master contracts
You can associate terms and conditions with a master contract. These terms can contain information such as liability concerns, shipping and handling details, or delivery time expectations.
Copies of master contracts
You can copy an existing master contract, and use the copy as a template for a new master contract.