Create and manage contracts for enterprise assets

  • Release version: Xanadu
  • Updated August 1, 2024
  • 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.

    Overview of creating contracts

    You can create various types of contracts for your enterprise assets, including lease, insurance, maintenance, warranty, purchase agreement, non-disclosure, terms & conditions, service, purchase order, software license, and subscription contracts.

    Contracts are legally binding agreements that define mutual obligations between two or more parties. These obligations can include the contract start and end dates, terms and conditions, renewal information, financial terms, and covered users or assets.

    For details on how to create insurance, maintenance, warranty, purchase agreement, non-disclosure, terms & conditions, and service contracts for your enterprise assets, see Create a contract. For details on how to create contracts for your leased enterprise assets, see Create a contract for your leased enterprise assets.

    Overview of managing contracts

    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.

    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.
    For more information on managing expiring lease contracts, see Managing expiring contracts for leased enterprise assets.