Many companies struggle with this topic, I am sharing some definition, context and tips to help you best use the Master Contract application.
You use the Master Contracts application to associate different types of contracts for the same vendor. A master contract defines the vendor relationship that will be applied to the contracts associated with that vendor.
TWO Primary Functions of a Master Contract
Primarily it is a template. Data entered on the Master Contract header will default to associated contracts; this a key benefit of using the MC template. Secondly it is a repository. The Master Contract is vendor specific, but the vendor can be changed on the associated contracts allowing the master contract to be a repository for contract types and vendors for various activities like projects or turn-arounds, etc.
Additional Logic on Master Contracts
In the Master Contracts application, you can manage vendor contracts, list properties that are associated with the contract, list the children contracts that are linked or associated to a master contract, and associate terms and conditions with a contract.
Master contracts can have one or more associated contracts and can contain multiples of a particular type of contract.
Creating Associated Contracts
In the Master Contracts application, you use the Create Associated Contract action to create an associated contract. When you create an associated contract, the following information is copied from the master contract:
- Identifier and revision number
- Vendor information
- Associated service level agreements
- Properties for extendable, extension period, conditions for extension
- Start and end dates
- Authorized sites
Viewing Associated Contracts
In the Master Contracts application, you view associated contracts on the Associated Contracts tab. When you view associated contracts, all contracts that are associated with the master, regardless of the revision of the master contract that you are viewing, are displayed.
A handy tip
It is very helpful to place a filter ‘=V’ on vendor lookup dialogs. This prevents selecting a manufacture when searching for vendors. This should be done for manufactures search lookups by placing a ‘=M’ as the filter. See these images to help you locate in your Maximo instance.
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