---
sourceDocument: Australia Asset Management
sourceDocumentLink: https://www.servicenow.com/docs/r/it-asset-management

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Asset Management

ft:clusterId :

    - itam

bundleId :

    - itam

workflow :

    - Technology


---

# Create and manage contracts for enterprise assets

# Create and manage contracts for enterprise assets {#ariaid-title1}

* Release version: Australia
* 
* Updated March 12, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read

Create contracts for your enterprise assets and manage them by taking actions on contracts that are nearing expiration or already expired.

You can take action on certain enterprise asset contracts that are either nearing their expiration or have already expired.

If a maintenance or warranty contract is expiring or has already expired, you can renew the contract by using the contract renewal workflow. For more information on renewing expiring maintenance and warranty
contracts, see [Contract renewal workflow](https://www.servicenow.com/docs/bebWFA71TyPCfwqAn1~x0w "Use the contract renewal workflow to renew contracts that are nearing their expiry date or are already expired. This workflow enables you to renew contracts through a streamlined and managed process.").  
If a lease contract is expiring or has already expired, you can choose to:

* return the associated enterprise assets to the asset vendor,
* buy out the associated enterprise assets so that you can permanently add them to your asset inventory,
* or extend the contract.

{#create-manage-enterprise-asset-contracts__ul_jkl_jcw_ncc}For more information on managing expiring lease contracts, see [Managing expiring contracts for leased enterprise assets](https://www.servicenow.com/docs/C1lzK~jeEgRVWwWLELm4Gw "You can use the Contract and lease management view to track and take action on leased enterprise assets that are nearing the end of their contracts. You can choose to return your leased enterprise assets, buy out your leased enterprise assets, or extend your lease contracts.").
* **[Create a contract for your leased enterprise assets](https://www.servicenow.com/docs/4m3evqyczcyN78Ne4vAQtQ)**   
  Create a contract to define the lease details of your enterprise assets.
* **[Managing expiring contracts for leased enterprise assets](https://www.servicenow.com/docs/C1lzK~jeEgRVWwWLELm4Gw)**   
  You can use the Contract and lease management view to track and take action on leased enterprise assets that are nearing the end of their contracts. You can choose to return your leased enterprise assets, buy out your leased enterprise assets, or extend your lease contracts.