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The contract renewal process

Based on the scheduled script “Demo; Start contract review or renewal if needed” it is checked if there is an active contract with a signal date up till today, the end date is not passed and which does not have a contract renewal transaction yet. If needed, the contract renewal transaction will be created.

Contract renewals are presented to the contract manager of the contract in the dashboard tile “Contract Review” in the activity “Review” with the description: “Renewal for; *contract description* ”.

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Please be aware that in case you also use contract reviews, the same dashboard tile is used for presenting contracts to be reviewed.

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Fields in the Renewal Task

  • Description: For contract renewals the description will be: ‘renewal for;’ + the description of the linked contract.

  • Contract: A direct link to the archive of the contract to which this contract renewal is linked.

  • Supplier: The supplier linked to the linked contract.

  • Reviewer: The contract manager of the linked contract.

  • Renewal task: In case checked, it is a renewal task, if not checked it is a ‘review’ task. (See “contract reviews”)

  • Ultimate cancellation date: The ultimate cancellation date copied from the Contract Dates section in the contract.

  • Renewal date: The date per which the contract would end without prolonging or per which it is prolonged.

  • Prolonged: Check the box in case the contract should be prolonged. If you don’t check it, that means it should be terminated and a reason for termination is required.

  • Renewal period in months: (only visible if ‘prolonged’ box is checked) Quantity of months for which the contract is prolonged. Copied from the linked contract.

  • Next renewal date: (only visible if ‘prolonged’ box is checked) Renewal date + the renewal period.

  • Indexing percentage: (only visible if ‘prolonged’ box is checked) Enter the indexation percentage of the (new) contract.

  • Reason termination: (only visible if ‘prolonged’ box is not checked) Choose a reason for termination when a contract is not prolonged.

  • End date: The end date of the contract if it would be terminated now.

  • Wait for confirmation; In case checked, the transaction will go to the activity “Receive Confirmation”.

  • Remark: Notes can be added here.

In order to approve this contract renewal task you will have to indicate if a contract is prolonged or if it is terminated. In case the checkbox ‘wait for confirmation’ is NOT checked, approving this contract renewal will lead to a fully processed contract renewal transaction. If the checkbox ‘wait for confirmation’ is checked, the contract renewal will go to the activity ‘Receive Confirmation’.

Please note that the checkbox for prolong or the reason for termination will decide whether a contract is prolonged or terminated. Rejecting the renewal process will not terminate the contract!

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