Rate Contracts

Rate Contracts lock prices with vendors for a defined period, providing budget predictability and streamlining procurement. When a PO is created for a vendor...

2026-02-17 · 2 min

Manual area

Procurement

Coverage

3 sections

Operator notes

1 implementation note

Overview

Rate Contracts lock prices with vendors for a defined period, providing budget predictability and streamlining procurement. When a PO is created for a vendor with an active rate contract, the agreed prices auto-populate.

Creating a Rate Contract

Navigate to Procurement > Rate Contracts > New Contract:

Select the vendor.
Add items with agreed unit prices.
Set validity period (start and end date).
Define minimum and maximum order quantities (if applicable).
Attach supporting documents (quotation, negotiation notes).
Submit for approval.
Once approved, the contract is active and rates auto-apply to new POs.

Monitoring & Renewal

Manage active rate contracts:

Dashboard shows all active, expiring, and expired contracts.
Expiry alerts: notifications 30 and 15 days before contract expiry.
Utilization report: compare actual purchases against contract terms.
Rate compliance: flag POs that deviate from contracted rates.
Renewal: clone an expiring contract and adjust rates for the new period.

Notes

Tip

Negotiate rate contracts for your top 20 items by spend value. Fixed rates protect against price volatility and simplify budgeting.

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