Each renewal requirement is identified in advance such that the decision can be made on whether a contract can/should be renewed. This will apply to the main contract itself and to any supporting documents such as an insurance certificate that must be renewed annually.
The rules you identify for handling the end of a contract, will ensure that your enterprise appropriately address end of contract obligations.
By establishing rules for workflow processes, your enterprise is assured that the proper approvals, notifications and alerts go into effect for every contract at precisely the right time and involve precisely the right people. Any lapse in a given workflow process is immediately flagged for resolution. Open integration for contract modeling allows your system to keep pace as your business changes, without additional programming. Contraxx is designed to capture the unique structure and data requirements for each of your organization’s contract types, while maintaining a standard method of entering, analyzing and reporting on that data.