In ServiceOps contract management includes a parent contract and a child contract. A parent contract signifies the contract of a license, maintenance, or subscription, that is in place with an asset. Each separate contract related to the core product should be created as a new child contract under that parent contract in this case.
How to create Parent and Child contracts in ServiceOps?
ServiceOps offers a solution that allows businesses to manage their IT and non-IT asset contracts. For example, a company may buy a maintenance contract from Microsoft for its product but at the same time, there are sub-contracts or child contracts of individual Microsoft applications that can be tied to the parent contract. So, for those warranties, service contracts, or licenses can easily be tracked and managed through ServiceOps.
Fill up all the required details such as name, contract number, contract type, vendor, start date, end date, cost, department, owner, and a description of that product. Once the details are filled in, a contract will be created.
Once a contract is created, you need to make new contract as a child contract and assign a previously created contract as parent.
When both parent and child contract is aligned together, you will be able to check the status and assets aligned with the contract. A child contract will also be visible under the core contracts, along with expiry reminders, and audit trails.