> ## Documentation Index
> Fetch the complete documentation index at: https://docs.qlero.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Contract glossary

A Contract defines the commercial agreement between a Record Company and a Payee for a specific Account. Contracts hold the financial terms used during royalty calculations and govern how payouts are processed.

## Fields

**Name** - The name of the contract. Must be unique per record company.

**Contract Code** - An optional external code identifier for the contract.

**Status** - The current status of the contract: Active or Terminated.

**Accounting Period Type** - The frequency of accounting periods, such as Monthly, Quarterly or Annual.

**Payee** - A reference to the Payee associated with this contract.

**Account** - A reference to the Account (within the Payee) associated with this contract.

**Start Date** - The date on which the contract becomes effective.

**End Date** - The date on which the contract ends.

**Sales Term** - A reference to the Sales Term applied to incoming sales for this contract.

**Deduction Term** - A reference to the Deduction Term applied to this contract.

**Cost Term** - A reference to the Cost Term applied to this contract.

**Cross Recoupable** - Indicates whether this contract participates in cross-recoupment with related contracts.

**Threshold** - An optional threshold amount used in payout calculations at the contract level.

**Opening Balance** - An optional starting balance for the contract. Must be provided together with Accounting Date and Currency.

**Accounting Date** - The accounting date associated with the opening balance.

**Currency** - The currency used for the opening balance.

**Cross Contracts** - A list of other contracts this contract is cross-recoupable with.

**Notes** - Internal notes.