Introduction
The RateSync process from FCR allows users to attach the same rate schedule to multiple agreements at one time. Docs automatically detects Billing Agreement eligibility of selected agreements and, where this workflow is available, will create following versions as Billing Agreements. If the Billing Agreement workflow is not available, the regular agreement workflow will be used.
Initiate Billing Agreement from FCR
From the FCR document, users can select multiple agreements to which a rate schedule is applied. Attaching the rate schedules is a two stage process. The decision of what type of agreement will be created is automated and does not need to be selected.
Step 1. Select Trade Type to apply
The selections available here depend on the rate schedule and agreements selected for RateSync. Where EFRP/Block Trade Types appear on the rate schedule to be attached, users may select which of these trade types to sync for both standard agreements and EFRP/Block Agreements
Step 2. Confirm Agreements to be synced
Once the trade type selection has been made, a summary window will show how many and what type of agreements the rate schedule will be attached to. The Billing Agreement workflow will only be used for eligible agreement changes, detailed here.
Note that the summary window only displays what will be created, it is not until "Sync" is selected that the process will start and the rate schedule will be attached to agreements. Once the RateSync is completed, the initiating user will receive a notification that provides information on any RateSync failures.
Applying Approvals to RateSynced Billing Agreements
Once a Billing Agreement has been created from the RateSync action it will be set to the Execution state. If the user approving the rate schedule in FCR has selected to approve the rate schedule when attached to agreements, and they have the appropriate entitlements, their approval will be applied to the synced Billing Agreement as the Execution Phase Approval.
Depending on the selections by the counterparties to the agreement, additional approvals may be required in order for the agreement to be fully Executed. Users can look at the approval matrix on the agreement search page, or, alternatively, within the bulk action page to monitor the approval status of the synced agreement.
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