Renewing a Contract
Towards the end of the contract term, you may want to renew the contract. In such a scenario, the Renew action creates 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 day after the original contract end date.
All the actions are hidden in the original contract. An email notification regarding contract renewal is sent to the primary contact and logged-in user.
Renewing a Contract
Prerequisite: Ensure the contract is In Effect and Activated.
On the Contract Details page, click Renew.
A new contract is created with the contract number increment by a decimal point and the status category is set as Request and status as In Renewal. The original contract status category remains In Effect and the status changes to Being Renewed. When the new contract is activated, the original contract status category updates to Renewed and the status updates to Superseded. A notification email is sent to the contract manager and the primary contact that the contract is renewed.
Auto-renewing a Contract
- Ensure either End Date or Term Months fields are populated.
- Ensure the start date is not before the activated date.
You can auto-renew contracts to ensure continuity of service without interruption. Before setting a contract to auto-renew, it is important to review the terms and conditions associated with the renewal process to ensure they align with your organization's policies and the customer's expectations.
- On the Contract Details page, click Edit.
- In the Terms & Renewals section, click the Contract Term Type drop-down and select Auto Renew.
