Contract fields for Enterprise Asset Management

  • Release version: Yokohama
  • Updated January 30, 2025
  • 2 minutes to read
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    Summary of Contract fields for Enterprise Asset Management

    This content provides a comprehensive description of the contract fields used within the Enterprise Asset Management (EAM) application in ServiceNow. These fields enable customers to accurately manage lease contracts by capturing essential contractual, financial, and administrative information.

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    Contract Fields

    • Vendor: Identifies the vendor associated with the lease contract.
    • Contract number: Unique identifier for tracking the lease contract, typically provided by the vendor.
    • Name: The official name of the lease contract.
    • Parent contract: Links the lease contract to a parent contract if applicable.
    • Start date and End date: Specify the duration of the lease contract.
    • Contract administrator: The user responsible for managing the lease contract and vendor communications.
    • Approver: The user authorized to approve or reject the lease contract.
    • Business owner: The user overseeing the lease contract from a business perspective.
    • Description: Narrative details describing the lease contract.

    Financial Fields

    • Invoice payment terms: Defines how and when payments for the lease contract must be made.
    • Payment schedule: Frequency of lease payments.
    • Payment amount: The amount due per payment, which can be set in any currency.
    • Applicable taxes: Specifies tax status with options: Exempt, Sales tax applied.
    • Lease term (months): The total length of the lease measured in months.
    • Vendor account: The account to which lease payments are made.
    • Purchase order: Purchase order linked to the lease contract.
    • Cost center: Financially responsible cost center for the lease contract.
    • Has rate card: Indicates whether the lease contract includes an associated contract rate card that details cost information.

    Practical Benefits for ServiceNow Customers

    By utilizing these contract and financial fields, ServiceNow customers managing enterprise assets can:

    • Ensure precise tracking and management of lease contracts and vendor relationships.
    • Maintain clear financial obligations, payment schedules, and tax treatments for lease agreements.
    • Assign roles and responsibilities for contract administration and approval workflows.
    • Leverage contract rate cards for detailed cost management where applicable.

    This structured approach supports compliance, financial accuracy, and operational efficiency within the Enterprise Asset Management lifecycle.

    A detailed description of all contract fields in the Enterprise Asset Management application.

    Contract

    Field Description
    Vendor Vendor that is associated with the lease contract.
    Contract number Unique number that is used to identify and track the lease contract. You can obtain this number from the vendor.
    Name Name of the lease contract.
    Parent contract Parent contract that the lease contract is associated with.
    Start date Date on which the lease contract begins.
    End date Date on which the lease contract ends.
    Contract administrator User who manages the lease contract and communicates with the vendor.
    Approver User who approves or rejects the lease contract.
    Business owner User who manages the lease contract from a business perspective.
    Description Description of the lease contract.

    Financial

    Field Description
    Invoice payment terms Terms that describe how and when you must make payments for the lease contract.
    Payment schedule Frequency at which you must make each lease contract payment.
    Payment amount Amount that you must pay for each lease contract payment.
    Note:
    You can set this field to any currency of your choice.
    Applicable taxes Taxes that are applied to the lease contract. Select one of the following options:
    • Exempt: The lease contract is exempt from taxes.
    • Sales: Sales taxes are applied to the lease contract.
    Lease term (months) Length of the lease contract, in months.
    Vendor account Vendor account to which you must make each lease contract payment.
    Purchase order Purchase order that is associated with the lease contract.
    Cost center Cost center that is financially responsible for the lease contract.
    Has rate card Option that indicates if the lease contract has an associated contract rate card, which provides detailed cost information for the contract.

    See Create a contract rate card for more information on contract rate cards.