---
sourceDocument: Australia Asset Management
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/it-asset-management

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Asset Management

ft:clusterId :

    - itam

bundleId :

    - itam

workflow :

    - Technology


---

# Contracts

# Contracts {#ariaid-title1}

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

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](https://servicenow-prod.fluidtopics.net/IHtssDTiAvHbBZyVJABC~A)**   
  Create a contract with various contract models, which would act as a binding agreement between the two parties.
* **[Adjust a contract](https://servicenow-prod.fluidtopics.net/T2UZxUo2GSJroMnV~FwbqA)**   
  After creating a contract, you can change the start date, end date, or payment amount for a contract.
* **[Verify contract administrator assignment for notification](https://servicenow-prod.fluidtopics.net/Aka~hKmyseVvN6rCXtO0Ag)**   
  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](https://servicenow-prod.fluidtopics.net/L~_X9158klZxwJ3Slp20Qg)**   
  You can send a contract that is in Draft state for approval.
* **[Terms and conditions](https://servicenow-prod.fluidtopics.net/SMArH~nbKCIk9Iu23wWVrA)**   
  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](https://servicenow-prod.fluidtopics.net/2bBqWttIwfohHls41SwTJQ)**   
  You can create rate cards to track contract expenses. Rate cards help to record and allocate costs.
* **[Monitor a contract](https://servicenow-prod.fluidtopics.net/ERtMH8HZo5JQRxMh0OX1xw)**   
  You can monitor contracts by viewing contract history and creating contract reports.

**Related concepts**   

* [Contract life cycle](https://servicenow-prod.fluidtopics.net/EecMO~u_CzoktoIDrFYcLg "From creation until closure, contracts follow a life cycle that determines which fields can be edited.")