Payment terms specify the date by which a customer must pay in full (often called net amount due) a supplier's invoice.

Payment terms can also specify discounts given to a customer if payment is made within specified time periods. For example, the supplier agrees to a 3% discount if paid within 20 days of invoicing and a 5% discount if within 10 days.

When creating a global contract, you must specify payment terms for each partition in which the supplier exists. Otherwise, you cannot submit the global contract.

Review current payment terms for the contract request:

• To add payment terms to the contract request or to select different payment terms, click Add/Change Payment Terms to display a list of available payment terms and then click Select to choose a specific set of payment terms. To view the details of a set of payment terms, click its ID.
• To create custom payment terms, click Add/Change Payment Terms and then click New to display the Create Custom Payment Terms screen where you can specify payment terms details. Click Save to add the new custom payment terms to the list of available payment terms. The new terms do not apply to the contract request until you select them.
• To remove the current payment terms, click Remove Payment Terms.
• If available, click the Table Options icon, located in the row above the column headers, to display commands that control the display of data in the table. For example, you can hide or show columns of data; group data; or export data to Excel.