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It is quite simple convenience, nothing technical.
You design a module named buddha_fft.vhd. You will use your full sdc file called buddha_fft.sdc that declares system clocks,multicycles,false paths but you don't care about io.
Once finished, you send your design to project integrator. He/She will read your sdc file and know any local constraints. Will convert them to project level names and add them to his/her sdc but may be more organized and put them in a separate sdc called buddha_fft.sdc after removing your project level constraints and editing node names.
I don't know about other applications of multiple sdc files. I may have several files to see which is better but will need to set project to one of them for a given build.
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Thanks very much, kaz. Your post remind me an issue that TimeQuest will assign the same name sdc file to same name design file as default. I remember it is like if I have a design file
"buddha_fft.vhd", then it will match with "buddha_fft.sdc" as default, if there is no "buddha_fft.sdc", TimeQuest will try to use others.