# Create Duration and Rates
When creating a **Duration** you can enter **Duration** information in the fields and at the bottom you can see the current **Rates** on the **Duration.**
Create requirements: At least one **Rate** added**.**
Create Duration Modal
The top section in the Duration modal have four points of interest. The **Sequence No.** tells you where in the sequence of durations for the contract you are currently on this particular Duration is. Then there is the duration group with Duration, Time Unit, Min Duration, and Max Duration. Duration is not editable since it is calculated based on the sum of durations on the rates that is created in the **Rates** table at the bottom of the modal. The **Time Unit** field is for choosing what the durations should be measured in, where the options are Days, Months, or Years. Min and Max Duration is only present for you to be able to better model the contract, and it has no impact on the contract itself. The **Variance** group consists of the **Variance** field and **Variance Time Unit** dropdown. The variance time unit is independent of the duration time unit. Making it possible to have the duration in months and the variance in days for instance.
The option group exists of the **Option** checkmark and the accompanying **Option Status** dropdown. The dropdown is hidden when the **Option** checkbox is unchecked, and visible when checked. The options that are available are shown in the image below. Allowing you to keep track of the status of that duration.
Options statuses
If you want to add **Rates** to the **Duration** you can click the -icon in the upper right of the **Rates** Section to create a **Rate** on the **Duration.** This will open up a new **Create Rate** modal.
Create requirements: **Tc Rate Duration**
Create Rate modal
After creating a Duration or a Rate you can click on the row in their respective lists to open their edit modals.
