Renew a Contract

GUIDE STATUS: IN REVIEW

Overview

Renewing a contract is different than an adjustment or extension in that you can set a renewal start date past the current contract's end date, whereas an extension always begins at the current contract's end date. Follow the instructions below to submit an approval request for a renewal. If an extension to the contract is needed instead follow the Extend a Contract guide.

Conditions for Renewals

• Contract State must be either Active or Expired
• Contract Substate must be either None or Rejected.

Renew a Contract

1. Navigate to the contract to be renewed.
   
   
   
   
2. Click the Renew button in the upper right hand corner of the content frame.
   
   
   
   
3. If renewal information was filled out previously, but not submitted for approval, it will appear in the dialog box below.
   
   
   
   
4. Make sure the Approver is correct. If changes are needed, enter the new individual in the Approval field.
   
   
   
   
5. If you choose an option from the Options field, it will automatically populate the Renewal/Extension date and Renewal/Extension end date fields as follows:
   1. If the contract is active, the Renewal/Extension date will populate as the current contract's end date.
   2. If the contract is expired, the Renewal/Extension date will populate as the current date. 
   3. The Renewal/Extension end date will populate however long after the Renewal/Extension date you chose in the Options dropdown.
   
   
   
   
6. Otherwise, enter a date into the Renewal/Extension date and Renewal/Extension end date fields.
   
   
   
   
7. If there is any sort of cost adjustment information, fill out the adjustment information.
   1. Select a value from the Cost adjustment type dropdown.
      
      
      
      
   2. Enter a value for the Cost adjustment percentage or Cost adjustment amount. Filling out one will automatically populate the other.
      
      
      
      
8. To save the renewal information and not submit for approval, click Save. The contract Substate will change to Awaiting Review.
   
   
   
   
9. To submit the renewal for approval, click Submit for Review. The contract Substate will change to Under Review.
   
   
   
   
10. Finally, update fields as necessary on the contract record.
11. Click Update.
    
    

Revision History