After a contract is activated and brought into effect (Status | Status Category = Activated | In Effect), you can take further actions necessary to keep the contract up to date. The following post-contract lifecycle actions are available for an activated contract.
Action
Description
Status Category | Status of Original Contract
Status Category | Status of New Contract
Clone
Cloning of contracts is a simple and effective way of creating look-alike agreements with similar fields in both new and cloned contracts, however, cloned contracts can have different information. The cloned contracts inherit fields from the original contracts.
After you clone a contract, the new contract name is appended with "Clone".
NA
Request | Request
Amend
During the term of the contract, you may need to modify the contract. For example, the language or terms of the contract. The Amend action is used for this functionality. The Amend action creates a new version of the contract record. All the data from the original version is copied into the new version. The new version can then go through the contract lifecycle.
After you amend a contract, the new contract name is appended with "Amended". The Record Type, Contract Start Date, and Account are inherited from the original contract.
All the actions are hidden on the original contract. An email notification regarding contract amendment is sent to the primary contact and logged-in user.
In Effect | Being Amended
When the new contract is activated, the Status | Status Category updates to Amended | Superseded.
Request | In Amendment
Renew
Towards the end of the contract term, you may want to renew the contract for a further period. In such a scenario, the Renew action would create a new contract version. The contract can then be executed after updating the term of the contract. You can quickly identify contract renewal candidates, allowing plenty of time to act and create new contract drafts based on the previous contract.
Before you renew a contract, ensure Contract End Date is not set to a future date.
After you renew a contract, the new contract name is appended with "Renewed". The Record Type and Account are inherited from the original contract. The Contract Start Date is set to the next day of the original contract end date.
All the actions are hidden on the original contract. An email notification regarding contract renewal is sent to the primary contact and logged-in user.
In Effect | Being Renewed
When the new contract is activated, the Status | Status Category updates to Renewed | Superseded.
Request | In Renewal
Terminate
If you decide to terminate or end a contract, you can use the Terminate action. After you terminate a contract, all the actions are hidden. An email notification regarding contract termination is sent to the primary contact and logged-in user.
Terminated | Terminated
NA
Expire
After the contract term ends, use the Expire action to mark the contract as expired. After you expire a contract, all the actions are hidden. An email notification regarding contract expiration is sent to the primary contact and logged-in user.
Expired | Expired
NA
Cancel
If you decide to cancel a contract, use the Cancel action to cancel the contract. After you cancel a contract, you are navigated to the Contract Details page and Primary Contact and Owner of the contract receive contract cancelation email notification.
The cancel option is only available till the contract is activated.
