This documentation supports the 9.1 version of Asset Management.

To view the latest version, select the version from the Product version menu.

Creating master contracts

A master contract is an overarching contract with a company for which you have additional related contracts. The related contracts can include software licenses, support contracts, and any other type of contract.

You can use the Financials tab to manage costs and payments that are directly tied to the master contract.

Note

Only a user with Contract Admin permission can create contracts. A user with Contract User permission can modify contracts.

To create a master contract

  1. On the Contract Management console, from the Create list, select Master Contract.
    The Master Contract form has two main areas. In one area, you specify standard contract information. In the other area, you specify general information, relating contracts, adding payment information, and so on.
  2. Specify the following information:

    Field name

    Description

    ID

    A unique alphanumeric value

    Summary

    Brief description of the contract

    Term

    Select the applicable term:

    • Fixed — Contract expires at the expiration date.
    • Never Ending — Contract never expires. This is also known as an evergreen contract.
    • Rolling Contract — Contract automatically renews at the expiration date.

    Term Conditions

    If you select a term that has an expiration date, select the duration until the expiration date.

    Status

    Select the applicable status of the contract:

    • Draft — The contract has never been executed but is going through the process of being executed. You can use draft status for contracts that are in negotiation or pending signature.
    • Executed — The contract that is executed and valid. Executed contracts include active contracts that have started. An executed contract might have the following status reasons: active, change pending, on hold, requires attention, under renegotiation.
    • Historical — The contract is not valid. Historical contracts include contracts that have expired, been terminated, or been canceled.
    • Delete — The contract is scheduled for deletion.

    Status Reason

    Optionally, you can select a status reason. The status reason provides additional explanation for the status. For further information about status and status reason values, see Tracking the contract lifecycle.

    Company

    The company associated with this contract

    View Access

    Select who can view or modify this contract:

    • Public — Anyone who has "view contract" permissions can view this contract.
    • Internal — Only people with "view contract" permissions related to the selected company can view this contract.
      People from the support group managing this contract can view and modify this contract.

    Supplier Name

    The supplier associated with this contract

    Cost Center

    The cost center that owns this contract. This field and the following fields are located on the General tab.

    Contract Managed By Company

    The support company associated with this contract

    Organization

    The support organization associated with this contract

    Group

    The support group associated with this contract

    Contact

    Optionally, you can assign an individual to receive notifications for this contract. If you do not specify a notification contact, the notification group receives notifications.

    Expiration Date

    Date that the contract expires. When a contract expires, individuals are notified first, and then groups.

    Note: This field is not available for never-ending contracts.

    Notification Date

    When the contract expires, the notification contact and the owner contact are notified on this date.

  3. To add related contracts, perform the following steps in the Master Contract form:
    1. Save the master contract.
    2. Click the Related Contracts tab.
    3. In the Create New Contracts area, select the contract type, and click Create.
    4. Complete the contract form, as described in Creating non-software-license contracts or in Creating a software contract.
      When you save the related contract, it is automatically related to the master contract.
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