How You Edit a Warranty Contract

To review or edit an existing contract, click the Contract name hyperlink in the results rows of the Manage Contract page.

You will navigate to the Warranty Contract guided process page, where you can click Start to begin the review of the contract. Click Start to navigate to step 1, where you can review the main details of the contract.

Here’s how you can edit a contract using the 5 steps that make up the contract guided process:

Step 1 – Contract essentials (required)
Step 2 – Contract meters (optional)
Step 3 – Coverage Essentials (reference only from the source coverage)
Step 4 – Terms of service (reference only from the source coverage)
Step 5 – Repair transaction codes (reference only from the source coverage)

Step 1: Contract Essentials

Use this step to review and edit header details for a contract. A contract must typically be created with a status of Ready but could be set to a status of Draft during creation if additional review is required. It’s also possible that if the end date or calculated expiration date has been reached for a contract, the status will be set to Expired by the scheduled process or a manual update to the contract.

Click Save to create or update the contract essentials.

Click Continue to navigate to step 2.

Here are the fields for the contract essentials:

Attribute	Editable?	Description
Contract Number	No	This is the system generated identifier for the contract.
Status	Yes	The status can be set to Draft or Ready during creation. If set to Draft, then you can edit the contract before changing to Ready. After it’s set to Ready, the status can’t be changed back to Draft. When the end date or the calculated expiration date are reached, the scheduled process or editing of a contract will set the status to Expired. You can update a contract to move its end date or meter interval into the future, and the contract will move back to Ready status upon saving if at least one date is in the future.
Asset Number	No	Asset for which the contract was instantiated.
Serial Number	No	Serial number of the asset, if defined.
Coverage Name	No	The name of a coverage for which the contract is based.
Coverage Description	No	The description of the source coverage.
Start Date	Yes	The beginning date of coverage under the warranty contract. The value was required during the creation of a contract but can be updated.
End Date	Yes	The ending date of coverage under the warranty contract based on a time duration. This field may be blank if the source coverage didn’t have a time duration and UOM defined. However, during editing you can manually enter a value. When the date is reached, the contract status will be set to Expired. You can manually update this value at any time to end date or extend the life of a contract.
Calculated Expiration Date	Yes	The ending date of coverage under the warranty contract based on one or more-meter intervals. This field may be blank if the source coverage didn’t have any meter intervals, or the contract asset does not have the matching meters from the coverage. The date will be recalculated by the scheduled process to take into consideration the asset’s daily utilization rate, meter end value, as well as the latest historical meter reading recorded for the asset at the time of recalculation. When the date is reached, the contract status will be set to Expired. You can optionally adjust the meter interval to extend the life of a contract. The expiration date for each contract meter is calculated using this formula: Find the Meter Reading Net Value for the last active reading in history for the asset meter. This is also known as the Life to Date value. Find the Meter Utilization Rate for the asset meter. This will either be the manually defined Daily Utilization Rate or the system Calculated Utilization Daily Rate based on meter reading history. Calculate the Number of Days until expiration as = (Contract Meter End Value – Meter Reading Net Value)/ Meter Utilization Rate per day Calculate the Expiration Date as = System date + Number of Days until expiration Example: Contract Meter End Value = 100,000 Meter Reading Net Value = 66,000 Meter Utilization Rate per day = 300 Number of Days until expiration = (100,000 - 66,000)/300 = 113.33 days. If the Number of Days until expiration is a negative number, then the meter has already expired Calculated Expiration Date = system date + 113 days (round down) This calculation is performed for each contract meter and the first expiring date, even if in the past, is used as the Calculated Expiration Date in the contract essentials page.
External Reference Number	Yes	An external reference, such as the purchase order number for the asset.
Contract Notes	Yes	Used to enter notes over the life of the contract.

Step 2 – Contract Meters

Though this is an optional step in editing a contract, it’s used to manage meter intervals that will be used to track the dynamic expiration of a warranty contract for an asset over time. It’s expected that meter intervals would be defined in the source coverage. During contract creation, the system verifies if matching meters for the asset exist. If all matches are found, then the contract meters will be added to the contract and the Calculated Expiration Date set in the contract header. If one or more matches are not found, then the contract meters that do match (if any) will be added to the contract and the Calculated Expiration Date set in the contract header. However, the contract status will be set to Draft, requiring manual review to see why there were missing meter intervals.

Click Add Meter to add a new row to the table.
Search and select a valid meter code.
Define the meter start and meter interval values.
- The start value must be defined with a value of 0 for newly purchased assets. However, for an extended warranty scenario, the start value would typically be greater than 0. The interval value is the warranty duration of the meter that when reached will expire the contract.
After you define the meter details, you can click the check box action icon on the same row to save it.
Note: Define meters only if they are used generically across different items and assets. If a meter is specific to a unique asset, then it can still be defined, but warranty contracts considering this meter can only be instantiated for a unique asset.
Click Continue to navigate to next step.

Every time a contract is updated and saved; the system will determine if its status needs to move from Ready to Expired. For example, if you set the End Date to the present date and save, the status would move from Ready to Expired. If you then edited it again, change to 1 year in the future and click save, the status would move from Expired to Ready. The same is true for the meter intervals. You can adjust the start and interval values, which upon saving could update the Status. Typically, edits to the start and end date, and meter intervals are only required during the initial review or a contract or to fix a data entry or initial setup issue.

Steps 3-5 – Coverage Essentials, Terms of Service, and Repair Transaction Codes

Click Continue to navigate to step 3 or click on the step by name using the table of contents on the right. Steps 3 to 5 are from the source coverage and are read-only reference information.