Dynamic date
A dynamic date is automatically calculated according to its configuration in the contract
To define a dynamic date, click the pencil icon to the right of the field.
The following options are available in the dialog that opens:
by the end of the year
Starting from the current date, the next year end is determined. The date is automatically recalculated at the turn of the year.
Example:
If the contract is considered on 15.06.2020, the dynamic date will be 31.12.2020.
On 01.01.2021 the date is automatically set to 31.12.2021.
End of the month
Based on the current date, the next month end is determined. The date is automatically recalculated at the turn of the month.
Example:
If the contract is viewed on 06/15/2020, the dynamic date will be 06/30/2020.
On 07/01/2020, the date will automatically be set to 07/31/2020.
end of a given month
Starting from the current date, the next end of the selected month is determined. After reaching this date, it is automatically recalculated.
Example:
The month of November was chosen.
If the contract is considered on 06/15/2020, the dynamic date will be 11/30/2020.
On 12/01/2020, the date will automatically be set to 11/30/2021.
End of the quarter
Based on the current date, the next quarter end is determined. The date is automatically recalculated at the change of quarter.
Example:
If the contract is viewed on 06/15/2020, the dynamic date will be 06/30/2020.
On 07/01/2020, the date will automatically be set to 09/30/2020.
Reference date
The date is pulled from another non-dynamic date field in the same contract.
This option is particularly useful in combination with the setting “n days/weeks/months” below (cf. Explanation of calculation option below).
Specified day
The date is always set to the specific day of a month following the current date.
Example:
The day 31 January was chosen.
If the contract is considered on 15.06.2020, the dynamic date will be 31.01.2021.
On 01.02.2021 the date is automatically set to 31.01.2022.
Calculation option
Based on the previously selected setting, a calculation can be made in the form of n days/weeks/months.
This calculates a period before the dynamic date determined.
This setting is used in particular to determine a date from a period of notice.
Example 1
A contract expires on 31.12.2020 and must be terminated with three months’ notice.
A date field was created in the contract called Contract End and 12/31/2020 was stored as the date.
In addition, a dynamic date field called Latest Cancellation Date has been created. In this field, the option Reference date: End of contract and the calculation option 3 months have been selected.
The dynamic date is determined to be 30.09.2020.
Example 2
A contract always expires at the end of the year and must be terminated with one month’s notice. The contract is otherwise extended by one year.
A dynamic date field called Next Contract End was created in the contract and the End of Year option was selected.
In addition, a dynamic date field called Latest Cancellation Date has been created. In this field, the option Reference date: Next contract end and the calculation option 1 month have been selected.
If the contract is considered on 15.06.2020, the dynamic date for the latest termination date will be 30.11.2020.
On 12/01/2020, the date will automatically be set to 11/30/2021.