What is the effect of checking the "Inherit Rate from contract" checkbox?

The "Inherit Rate from contract" checkbox facilitates the application of contract rates to the Crafts application. When this option is checked, it ensures that the specific rates outlined in a contract are the ones utilized when evaluating labor costs associated with crafts. This means that rather than manually entering or maintaining rates within the Crafts application independently, the system will automatically take the relevant rates defined in the contract, streamlining the process and ensuring consistency in billing and labor cost management.

This mechanism is particularly beneficial as it allows organizations to manage their contracts and associated costs more efficiently, leveraging predefined rates that are already agreed upon, rather than having to constantly update or manage rates across multiple applications. As a result, any changes in the contract rates would directly influence reflecting in the Crafts application without further intervention needed from users. This correct understanding highlights the importance of contracts in resource management within the Maximo system.