According to the ServiceNow Hardware Asset Management documentation, a contract is a record of the terms and conditions that govern the relationship between a vendor and an organization. A contract can have different states that indicate its status and lifecycle. The states are:
Draft: The contract is being created or modified and has not been submitted for approval.
Requested: The contract has been submitted for approval but has not been approved yet.
Active: The contract has been approved and is in effect. You can cancel the contract in this state, if you want to terminate it before its end date due to various reasons, such as breach of contract, mutual agreement, or vendor performance1.
Expired: The contract has reached its end date and is no longer valid. You cannot cancel the contract in this state, but you can renew it or extend it.
Renewed: The contract has been renewed for another term with the same or modified terms and conditions. You cannot cancel the contract in this state, but you can renew it or extend it again.
Extended: The contract has been extended beyond its original end date with the same terms and conditions. You cannot cancel the contract in this state, but you can renew it or cancel it.
Canceled: The contract has been terminated before its end date. You cannot cancel the contract in this state, but you can reactivate it or delete it.
Rejected: The contract has been rejected by the approver. You cannot cancel the contract in this state, but you can edit it or delete it.
