Terms and conditions are generally indicated in both contracts and orders. The difference is that the terms and conditions are more specific in the contracts. Contracts should be the option used when performance standards, work volume and change management requirements must be clear to all. Use the contract if the purchase is associated with a complex set of conditions that can be indicated in the order. Credit agreements contain information about each line of an agreement that you define with a creditor for a set of items. You can define five types of lender agreements: contract, cap, catalog, standing or service. You can also set funds if you add an agreement. Use the following procedure to define lender agreements. 17. CONFORMITY WITH OTHER LAWS – The seller will comply with all federal, regional and municipal laws, rules and regulations that may apply to this order. Enter a percentage for a message to be sent to the contract administrator if the amount ordered in the lender agreement is equal to or greater than the percentage you enter in that field because of the maximum amount per order.
A contract is a document detailing the products sold, setting the agreed prices and setting the terms of the sales contract for a fixed period. Contracts also include the value and number of orders and invoices. This article focuses solely on commands (if you want to know more about everything else, look at the rest of our blog). You must have previously defined the contract administrator using PO contacts (PO07.1). PurchaseControl facilitates contract and order management. A list of ordering requirements from actual (but not limited) suppliers is available here for verification. 8. MODIFICATIONS – The buyer has the right to make changes to the order by a written notification to the Seller. If these changes result in an increase or reduction in the amount owed under the contract or within the time required to execute it, an appropriate correction must be made and the contract must be changed in writing. Any request for correction must be submitted in writing by the seller within 15 days of the date of the change. There is nothing in this clause that exempts the Seller from immediately executing the order in the amended order. Enter the verification date that occurs before the expiry date and/or the authorized date of the last invoice.
No other invoices can be entered after the audit date.