1.11.3 Terminating the contract
After you have identified the contracts close to expiry, terminate the contract of the asset that is no longer necessary.
To terminate the contract, in the Contracts view of the Assets module, click the Change Status button. In the displayed dialog box, select Expired.
If the value for Contact Type of the hardware asset is Lease or Rent, you need to return the asset. After you have returned the asset to the vendor, delete the corresponding hardware asset information or change the value for Asset Status to Disposed.
In case of software license termination, you do not need to return the asset to the vendor.
- Important note
-
The amounts of the contract cost in the Hardware Assets Cost and Software License Cost reports are calculated up to the contract end date specified in Contract Term of the contract information. If you cancel the contract before expiration, you need to change the contract end date by editing Contract Term of the contract information.
Related Topics: