Podcast
Questions and Answers
What is the primary function of Contract Management?
What is the primary function of Contract Management?
- To create and manage supplier contracts for purchased items or services. (correct)
- To oversee internal legal proceedings and compliance.
- To track employee performance and productivity metrics.
- To manage customer relationships and sales pipelines.
Which of the following is a benefit of using Contract Management?
Which of the following is a benefit of using Contract Management?
- Decentralized contract storage for easier accessibility.
- Standardization of purchases leading to reduced management costs. (correct)
- Inability to create contracts outside the legal department.
- Limited pricing flexibility with only standard pricing structures.
Which component is included in Contract Management that allows holding back a portion of a payment?
Which component is included in Contract Management that allows holding back a portion of a payment?
- Retainage (correct)
- Attachments
- Tiered pricing
- Rebates
What functionality does the use of document templates provide within Contract Management?
What functionality does the use of document templates provide within Contract Management?
How does Contract Management contribute to improved Return on Investment (ROI)?
How does Contract Management contribute to improved Return on Investment (ROI)?
Which of the following is a feature of Contract Management related to pricing?
Which of the following is a feature of Contract Management related to pricing?
What is the function of storing contracts in a single repository within Contract Management?
What is the function of storing contracts in a single repository within Contract Management?
Which of the following can be created from predefined options in Contract Management?
Which of the following can be created from predefined options in Contract Management?
What benefit is derived from the standardization of purchases through Contract Management?
What benefit is derived from the standardization of purchases through Contract Management?
Which of the following is NOT a component of Contract Management?
Which of the following is NOT a component of Contract Management?
What does Contract Management enable organizations to do with respect to their legal departments?
What does Contract Management enable organizations to do with respect to their legal departments?
Which of the following is a direct result of implementing Contract Management?
Which of the following is a direct result of implementing Contract Management?
What type of items are supported by Contract Management from Inventory Management and Purchasing solutions?
What type of items are supported by Contract Management from Inventory Management and Purchasing solutions?
Besides pricing and general terms, what other specific financial aspect can be recorded and tracked within Contract Management?
Besides pricing and general terms, what other specific financial aspect can be recorded and tracked within Contract Management?
In Contract Management, what is the primary function of 'Questions and Answers' as a component?
In Contract Management, what is the primary function of 'Questions and Answers' as a component?
When Contract Management is implemented, which aspect is particularly enhanced, leading to better ROI?
When Contract Management is implemented, which aspect is particularly enhanced, leading to better ROI?
What does the flexibility in pricing within Contract Management enable?
What does the flexibility in pricing within Contract Management enable?
How does Contract Management support companies that do not utilize Infor solutions?
How does Contract Management support companies that do not utilize Infor solutions?
What advantage does using predefined articles and terms in Contract Management provide?
What advantage does using predefined articles and terms in Contract Management provide?
In the context of Contract Management, what is one mechanism used to ensure project completion?
In the context of Contract Management, what is one mechanism used to ensure project completion?
Flashcards
What is a contract?
What is a contract?
A formal, legal agreement between a buyer and seller for purchasing goods and services.
What does Contract Management allow?
What does Contract Management allow?
Allows contracts to be created outside the legal department while adhering to set guidelines.
Contract Management's storage?
Contract Management's storage?
Contracts are stored in a central location for easy access and can be used with companies that don't use Infor solutions.
Contract creation support
Contract creation support
Signup and view all the flashcards
Contract Management pricing?
Contract Management pricing?
Signup and view all the flashcards
Which items are supported?
Which items are supported?
Signup and view all the flashcards
What are financial features?
What are financial features?
Signup and view all the flashcards
Contract Management benefits?
Contract Management benefits?
Signup and view all the flashcards
Contract Management components
Contract Management components
Signup and view all the flashcards
Study Notes
- Contract Management creates and manages supplier contracts based on items or services purchased over the contract's duration.
- A contract represents a formal, legal agreement between a buyer and seller for goods and services procurement.
- Contract Management enables contract creation outside the legal department while adhering to established guidelines, including terms and conditions.
- Contracts are stored in a central repository and can be used with companies that do not use Infor solutions.
- Features include creating contracts from predefined terms, using document templates during negotiations, and selecting predefined articles and terms.
- Contract Management supports flexible pricing, including tiered pricing and multiple price structures for an item.
- It supports items and vendor items from Inventory Management and Purchasing solutions.
- It allows for recording and tracking rebates.
- It uses retainage to withhold a portion of payment until project completion.
- Contract Management centralizes information, improving item pricing access and spend management while enhancing ROI.
- Reduced management costs result from purchase standardization, improved negotiation, contract compliance, and spend analysis.
Components
- Contract header and lines
- Terms and conditions
- Questions and answers
- Rebates
- Tiered pricing
- Attachments
- Retainage
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
