The contract process consists of the following phases:

  • Cloning
  • Amendment
  • Renewal
  • Termination
  • Expire

For details, refer to Status Categories and Statuses.

When there are a large number of documents in an agreement and the APTS_AsyncCloneAmendRenew admin entry is set to true, cloning, amendment, and renewal take place in the background. Meanwhile, you can continue to work on other agreements. You receive an email notification after the agreement is cloned, amended, or renewed. For more information, see Admin Entries.

Cloning

Cloning of agreements is a simple and effective way of creating look-alike agreements with similar fields in both new and cloned agreements, however, cloned agreements can have different information. The cloned contracts inherit fields from the original contracts.

Amendment

During the term of the agreement, 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 agreement record. The new, amended record shares the same base agreement number as the original with the decimal point incremented by one. All the data from the original version is copied into the new version. The new version can then go through the same agreement process as described above. On execution of the amendment, the status category of the original version of the agreement is changed to Amended from In Effect.

The APTS_RecordTypeUpdateOnAmend admin object allows you to update the record type while amending and agreement.

Renewal

If you renew an agreement, the Renew action creates a new agreement, which is executed after the agreement's terms are updated. You can quickly identify contract renewal candidates, allowing plenty of time to act and create new contract drafts based on the previous contract.

Note

When you clone, amend, or renew an agreement, the notes of the parent agreement are copied to the new agreement.

Termination

To terminate or end a contract, click the Terminate action.

Expiration

After the agreement term ends, use the Expire action to mark the agreement as Expired.