> For the complete documentation index, see [llms.txt](https://docs.xyb.co/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xyb.co/credit/configure-and-create-credit-products/configure-global-settings-for-credit-products/configure-credit-contract-service-attributes.md).

# Configure Credit Contract Service Attributes

The Credit Contract Service controls the structure and business rules of credit agreements created between parties. Before launching a loan, BNPL, or lease product, this service must be configured to reflect the permitted terms, legal requirements, and commercial strategy of your offering.

> This service works in conjunction with others (Entity, Collateral, Interest Configuration, Product Configuration) to enable end-to-end credit product lifecycle management.

***

#### 1. **Supported Currencies** (Required)

Define which currencies contracts can be created in.

* Required field
* Example: `EUR`, `USD`
* Ensure alignment with the currencies supported in **Product Configuration Service**

***

#### 2. **Purpose of Credit** (Required)

Specify allowable contract purposes for regulatory reporting, risk analysis, and pricing rules.

Each purpose includes:

* A unique code (e.g. `4`, `12_A`, `13_A`)
* A clear label (e.g. *Margin Lending*, *Residential Real Estate*, *Working Capital*)

These are often used in pricing engines and eligibility logic.

***

#### 3. **Custom Fields**

Add business-specific fields to collect additional metadata per contract. These can be used in decisioning logic, approval workflows, or reporting.

**Example:**

* **Name:** Legal proceeding status
* **Code:** `LGL_PRCDNG_STTUS`
* **Type:** `String`
* **Required:** Yes
* **Values:**
  * No legal actions taken
  * Under judicial administration / receivership
  * Bankruptcy / insolvency

> Make sure you define the value list clearly and map them to downstream credit decisioning logic.

***

#### 4. **Holidays (Optional)**

Define national/public holidays that may affect payment schedules or due dates.

Each holiday includes:

* **Name** (e.g. `Jaanipäev`)
* **Date** (e.g. `23 Jun 2025`)
* **Country code** (e.g. `EST`)

> This ensures accurate due date calculations and payment plan generation, especially for B2B loans.

***

#### 5. **Taxes (Optional)**

Configure applicable taxes (like VAT or stamp duty) to be automatically applied to contract fees or disbursements.

Fields include:

* **Tax name**: e.g. `VAT`
* **Tax rate**: e.g. `0.24`
* **Effective dates** (from / until)
* **Flags**:
  * `Is deducted`: Automatically deduct this tax from the disbursement amount.
  * `Is default`: Use this tax type by default if none is specified manually.

> Use this to automate tax compliance and reporting across regions.

***

### Best Practices

* **Pre-define all custom fields** used in eligibility or workflows.
* Ensure currency setup matches Product Configuration settings.
* Regularly review purposes to comply with regulatory classification.
* Add holidays for all operating markets to avoid failed or delayed collections.
* Tag default tax configurations where applicable.

***


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.xyb.co/credit/configure-and-create-credit-products/configure-global-settings-for-credit-products/configure-credit-contract-service-attributes.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.