New Contract Management

This feature enables the creation of information and other details of the new contract with the vendor.

1.

Choose New Contract option from Select Actions drop down. The new Contract page displays.

Primary Details:

1.

Enter the name for the contract in the Name box.

2.

Enter additional information on the corresponding contract in the Description box.

3.

Select values for the following parameters from their respective drop down.

 

Contract Type -Contract Category -Saved in IQ:

1.

Click Add to select, and update the IT owner for the corresponding contract in the application

2.

Enter ID of the IT owner in the IT Unique ID box.

3.

Enter expense of the contract expressed in month's in the Monthly Cost($) box.

 

General Group:

1.

Click Start Date, and End Date text box to select contract initiation and ending date.

2.

Enter purchase order number in the PO Number box.

3.

Enter vendor account details in the Vendor Account box.

 

Renewal/Extension Group:

1.

Check Automatic option to automatically extend/renew the contract with vendor.

2.

Click Renewal Date text box to select the date to renew the contract.

3.

Click Renewal End Date text box to select the last date to renew the contract.

4.

Enter the contact information of the vendor in the Contact information box.

5.

Select type required to adjust the contract cost from Cost Adjust Type drop down.

6.

Enter the price that can be adjusted in the Cost Adjustment Amount box.

7.

Enter the price adjusted for the cost expressed in percentage in the Cost Adjustment Percentage box.

 

Financial Group:

1.

Click Add to select and update Cost Center.

2.

Check Tax-Exempt, and Sales Tax option(s) if it is applicable.

3.

Enter tax rate in the Effective Tax Rate box.

4.

Check Has Rate Card option if the vendor possess rate card.

5.

Enter payment schedule for the contract in the Payment Schedule box.

6.

Enter amount to be paid as per the schedule in the Payment Amount box.

7.

Enter the cost of the tax applicable in the Tax Cost($) box.

8.

Enter the total cost of the contract in the Cost($) box.

 

Used by Hardware Assets:

1.

Click plus sign to add Hardware Assets used for a contract.