A term is a fixed period of time (in months) that is set up to be used when a contract is created. A term indicates how long your contract will remain active. You can create multiple terms and allocate multiple contracts to each term.
Provide your term with a sensible name so you can easily identify it.
Indicate the duration of this term in months.
A system generated code is allocated to each term created. This code can be overwritten with a unique code. This code will be used to uniquely identify pricelists created and is not used during billing validation, billing processing or updating your accounting system.