📄️ Overview
A Contract is an agreement that binds two or more parties while having a transaction relation. In the context of Contract Management, such documents are created to govern leasing activities, Warranty, Support, and Maintenance. Contract is created with a third party Vendor with single Vendor only, and it contains important information related to price, validity period of the Contract, Contract Type, and Sub-Contract Status.
📄️ Contract Types
Contract type refers to the differences in contract structure and form, which includes compensation arrangements and the amount of risk. Currently, Motadata provides four Contract Types out of the box. The system has the provision for adding more types, also refers to as custom Contract Types.
📄️ Contract Custom Fields
The layout of asset management has all the fields required to manage the contracts of an organization. However, to meet the organization’s needs, you can modify the default template and add new fields. The fields can later be used in the automation settings also.