Contracts

A contract is a binding agreement between two parties.

In the ServiceNow AI Platform, contracts contain detailed information such as contract number, start and end dates, active status, terms and conditions statements, documents, renewal information, and financial terms.

Working with contracts includes the following tasks and processes.

• Create a contract
  Create a contract with various contract models, which would act as a binding agreement between the two parties.
• Adjust a contract
  After creating a contract, you can change the start date, end date, or payment amount for a contract.
• Verify contract administrator assignment for notification
  An event runs automatically each night to send reminders to contract administrators about contract expiration dates so they can renew or renegotiate the contract. You can verify that the right contract administrator is assigned to the contract.
• Send the contract for approval
  You can send a contract that is in Draft state for approval.
• Terms and conditions
  You can add terms and conditions to a contract to keep all documentation that is relevant to a contract in one location.
• Create a contract rate card
  You can create rate cards to track contract expenses. Rate cards help to record and allocate costs.
• Monitor a contract
  You can monitor contracts by viewing contract history and creating contract reports.

Related concepts

• Contract life cycle