Create a contract for your leased enterprise assets

  • Release version: Australia
  • Updated March 12, 2026
  • 3 minutes to read

    • Create a contract to define the lease details of your enterprise assets.

    Before you begin

    Role required: sn_eam.enterprise_admin or sn_eam.enterprise_asset_manager

    About this task

    The following steps describe how to create contracts for leased enterprise assets only. For information on how to create other types of contracts, see Contract Management.

    Procedure

    1. From the Enterprise Asset Workspace, open the Contract and lease management view.
    2. On the Lease contracts tab, select New.
    3. On the Create New Contract form, fill in the fields.
      See Contract fields for Enterprise Asset Management for a detailed description of each field.
    4. Select Save.
      A new contract record is created for the lease contract.
    5. Build terms and conditions for the lease contract.
      Before you can build terms and conditions for a lease contract, you must create a terms and conditions record and add it to the contract. For detailed instructions on how to create a terms and conditions record, see Create a terms and conditions record. For detailed instructions on how to add a terms and conditions record to a contract, see Add terms and conditions to a contract.
      1. On the lease contract record header, select the More Actions icon .
      2. When prompted, select Build Terms and Conditions.
      The terms and conditions are built for the lease contract and added to the Contract History tab of the lease contract record. On the Contract History tab, you can select the date in the Contract Starts field to view the complete terms and conditions for the lease contract.
    6. Add all enterprise assets that are covered by the lease contract.
      Note:
      If you created a multi-component asset from a multi-component model, only the parent asset can be added to the lease contract. The associated child assets cannot be added to the lease contract. See Multi-component models and assets in Enterprise Asset Management for more information on multi-component assets.
      1. On the Assets Covered tab of the lease contract record, select Add.
        The Add assets dialog box opens.
      2. In the dialog box, select the check box for each enterprise asset that is covered by the lease contract.
        Note:
        The dialog box displays only the enterprise assets that are not already covered by another active lease contract.
      3. Select Add.
        The dialog box closes and the Assets Covered tab automatically reloads with the list of all enterprise assets that you added.
    7. Create expense lines to track the cost of each enterprise asset that is covered by the lease contract.
      1. On the Expense Lines tab of the lease contract record, select New.
      2. On the Create New Expense Line form, fill in the fields.

        See Expense line fields for Enterprise Asset Management for a detailed description of each field.

      3. Select Save.
        A new expense line record is created for the selected enterprise asset.
      4. Close the expense line record to return to the Expense Lines tab of the lease contract record.
      5. Repeat steps a to d for each expense line that you want to create.
    8. Create child contracts that you want to associate with the lease contract.
      1. On the Child Contracts tab of the lease contract record, select New.
      2. In the Contract model field of the Create New Contract form, search for and select the type of contract that you want to create.
      3. Configure the child contract by following the same steps that you used to configure the lease contract (steps 3 to 7).
      4. Select Submit For Review.
        A review notification is sent to the user that you specified in the Approver field of the child contract record. After reviewing the child contract, the user can either approve or reject it.
      5. Repeat steps a to d for every child contract that you want to create.
    9. Select Submit For Review.
      A review notification is sent to the user that you specified in the Approver field of the lease contract record. After reviewing the lease contract, the user can either approve or reject it.