Contracts define the legal obligations and responsibilities of business parties.
Contracts are an essential component of the corporate data architecture because they detail the legal relationships between parties and detail the manner in which they implemented and enforced.
Contracts govern the commitments and relationships between customers, vendors, employees and related parties.
From a customer perspective, contracts govern orders, customer service and payment obligations.
From a vendor/supplier perspective, contracts govern the purchasing and inventory relationships.
From an employer/employee perspective, contracts govern the human resource function and relationships.
The Contract Business Area Model provides a data architecture that can address unique contract requirements as well as a variety of common contracts used by organizations:
|Equipment & Commercial Lease
|Sales Representative Agreement
|Terms Of Employment
|Agreement for Sales of Goods
|Software License Agreement
Each contract includes representative legal sections, terminology, definitions and relationships to supporting business data.