Contract fields for Enterprise Asset Management

  • Release version: Zurich
  • Updated July 31, 2025
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    Summary of Contract fields for Enterprise Asset Management

    This documentation provides a comprehensive description of all contract fields used within the Enterprise Asset Management (EAM) application in ServiceNow. These fields enable customers to effectively track, manage, and administer lease contracts related to enterprise assets, ensuring clear financial and administrative accountability throughout the contract lifecycle.

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    Contract Fields

    The contract fields capture essential administrative and operational details of lease contracts:

    • Vendor: Identifies the vendor associated with the lease contract.
    • Contract number: A unique identifier for tracking the lease contract, typically provided by the vendor.
    • Name: The designated name of the lease contract.
    • Parent contract: Links the lease contract to a higher-level, related contract if applicable.
    • Start date and End date: Define the active period of the lease contract.
    • Contract administrator: User responsible for managing the contract and vendor communication.
    • Approver: User authorized to approve or reject the lease contract.
    • Business owner: User overseeing the contract from a business perspective.
    • Description: Provides details about the lease contract.

    Financial Fields

    These fields enable precise financial management and payment tracking for lease contracts:

    • Invoice payment terms: Defines the terms for payment timing and conditions.
    • Payment schedule: Specifies how frequently payments must be made (e.g., monthly, quarterly).
    • Payment amount: Amount to be paid per scheduled payment, configurable in any currency.
    • Applicable taxes: Indicates tax status with options for Exempt or Sales tax application.
    • Lease term (months): Duration of the lease contract expressed in months.
    • Vendor account: The account to which payments are directed.
    • Purchase order: Links the contract to a purchase order if applicable.
    • Cost center: Financial entity responsible for the contract's expenses.
    • Has rate card: Flag to indicate if a detailed contract rate card exists, providing granular cost information.

    Practical Value for ServiceNow Customers

    By utilizing these detailed contract and financial fields within the EAM application, customers gain:

    • Accurate tracking and management of lease contracts associated with enterprise assets.
    • Clear assignment of administrative and financial responsibilities.
    • Improved financial planning and control through defined payment terms, schedules, and tax applicability.
    • Ability to link contracts with related documents such as purchase orders and rate cards for comprehensive contract governance.

    This structured approach supports customers in maintaining regulatory compliance, optimizing asset leasing processes, and enhancing vendor relationship management.

    A detailed description of all contract fields in the Enterprise Asset Management application.

    Contract

    Field Description
    Vendor Vendor that is associated with the lease contract.
    Contract number Unique number that is used to identify and track the lease contract. You can obtain this number from the vendor.
    Name Name of the lease contract.
    Parent contract Parent contract that the lease contract is associated with.
    Start date Date on which the lease contract begins.
    End date Date on which the lease contract ends.
    Contract administrator User who manages the lease contract and communicates with the vendor.
    Approver User who approves or rejects the lease contract.
    Business owner User who manages the lease contract from a business perspective.
    Description Description of the lease contract.

    Financial

    Field Description
    Invoice payment terms Terms that describe how and when you must make payments for the lease contract.
    Payment schedule Frequency at which you must make each lease contract payment.
    Payment amount Amount that you must pay for each lease contract payment.
    Note:
    You can set this field to any currency of your choice.
    Applicable taxes Taxes that are applied to the lease contract. Select one of the following options:
    • Exempt: The lease contract is exempt from taxes.
    • Sales: Sales taxes are applied to the lease contract.
    Lease term (months) Length of the lease contract, in months.
    Vendor account Vendor account to which you must make each lease contract payment.
    Purchase order Purchase order that is associated with the lease contract.
    Cost center Cost center that is financially responsible for the lease contract.
    Has rate card Option that indicates if the lease contract has an associated contract rate card, which provides detailed cost information for the contract.

    See Create a contract rate card for more information on contract rate cards.