The Contract Types table is used to define contract types. A contract must have a contract type. Contract types are used to group contracts together and to define how invoices are handled in relation to contracts.
You can enter the following information about a contract type:
Contract Type - This is the description of the contract type. You must enter a contract type, and the contract type must be unique.
Usage Based - This indicates whether usage based information is to be recorded against a contract with this type.
Direct Invoicing - This indicates whether direct invoicing information is to be recorded against a contract with this type.