Contracts can be used in the system for different purposes. It is commonly used as a central “contract database” to store all contracts and agreements in your organization, such as customer contracts or agreements with partners or 3rd party suppliers. It is also very common to use this together with Products/Services, i.e. to create “service contracts” for your customers, and then define what products/services are covered by the contract, and what service level (SLA) applies.
The contracts and agreements section can be used to manage your contracts and agreements with you customers and distributors, partners, manufacturers. On a contract you can specify which customer or supplier the contract is signed with, when the contract starts and ends, if the contract is for specific product(s) and if a SLA should be used. You can have multiple products on a contract. You can also see billing information on the contract, as well as any custom fields available on contracts, if any. A company also has a contract-tab where the contracts for the company is listed.
You can easily keep track of when contracts expire by checking the calendar, the agreement date is clearly marked in red. You can also get a report sent out to you on a regular basis, such as weekly or monthly, that contain expiring contracts during the next period.