Is functionality lost by not using 'contract', but instead info records?

My company is going through a data cleansing, and we would like to prioritize info records. What's the benefit of using "contract" over "info record" and vice versa? Do we lose functionality by dismissing contract completely? (Certainly, we would have contracts, but the legal agreement would be handled externally.)

Hi,
PIR Serves as a source of information for Purchasing. It contains information on a specific material and a vendor supplying the material. For example, the vendor's current pricing is stored in the info record.
The info record allows buyers to quickly determine:
Which materials have been previously offered or supplied by a specific vendor
Which vendors have offered or supplied a specific material
A contract is a type of outline purchase agreement against which release orders (releases) can be issued for agreed materials or services as and when required during a certain overall time-frame.
Contracts are of two types:
1. Quantity contracts - Use this type of contract if the total quantity to be ordered during the validity period of the contract is
known in advance.
2. Value contracts - Use this type of contract if the total value of all release orders issued against the contract is not to exceed a certain predefined value.
Thanks
Chandru

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9884057038
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While creating PO system is not picking Purchasing org??? Rest capturing everything whatever is maintianed.
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SS
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Hi,
Info record is combination of plant,material and vendor master record,all data from MMR and Vendor get copied into Info record which flow IN PO while creating PO,
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check following like also
[Info Record: Plant Vs Purchasing Org Level;
[http://help.sap.com/saphelp_46c/helpdata/en/75/ee102f55c811d189900000e8322d00/content.htm]
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Is functionality lost by not using 'contract', but instead info records?

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