This documentation supports the 9.1 version of Asset Management.

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

Tracking the contract lifecycle

You can use the contract status and status reasons to track the contract throughout its life.

A status can have one of the following status values:

  • Draft — Before the contract start date, the contract has a draft status. You can reset a cancelled contract to draft status.
  • Executed — At the contract start date, the contract status becomes executed.
  • Historical — When an executed contract expires or is canceled, its status is set to historical.
  • Delete — Use this status to flag contract records for deletion.

Status reason provides additional information, as listed in the following table:

Contract status reasons

Status

Status reason

Description of status reason

Draft

In negotiation

The contract is under negotiation.

Pending Signature

Negotiations and review are completed, but the contract is not signed.

Executed

Active

This is the default value for executed contracts.

Requires Attention

This value is set when there is no activity on the contract for the configured amount of time.

Under re-negotiation

When a contract is being renegotiated, a possible change is pending.

Change Pending

A change on the contract is pending.

On Hold

No activity is allowed on this contract until the status reason is changed.

Historical

Expired

When a contract reaches the expiry date, its status is set to historical, and the status reason is set to expired.

Terminated

Indicates a contract that was terminated at the expiry date.

Cancelled

Indicates a contract that was terminated before the expiry date.

Delete

Scheduled for Deletion

The contract record is scheduled for deletion and can be removed.

Was this page helpful? Yes No Submitting... Thank you

Comments