Renew a contract

After creating a contract, you can renew it, if necessary.

Before you begin

Role required: contract_manager or admin

About this task

Contract information and history is retained when a contract is renewed. If the end date of the contract changes, the end date of any associated assets changes to match. You can renew a contract that meets the following conditions.
  • State is Active or Expired
  • Substate is None or Rejected

Procedure

  1. Navigate to Contract Management > Contract > All.
  2. Select a contract in Active or Expired state.
  3. Click Renew.
  4. Complete the form.
    Table 1. Contract renewal fields
    Field Descriptions
    Renewal Contact Individual who works for the vendor and is responsible for renewing the contract.
    Renewal Start Date Date on which the renewed contract takes effect.
    Renewal Option Length of time for the renewal, in years.
    Renewal End Date Date on which the renewed contract expires.
    Cost Adjustment Type Type of cost adjustment applied to the renewed contract: None, Fixed, Manual, or CPI.
    Approver User who approves or rejects the contract.
    Cost Adjustment Numerical increase or decrease in price of the renewed contract. To indicate a decrease in price, enter a negative number. A Cost Adjustment or Cost Adjustment Percentage can be specified, but not both.
    Cost Adjustment Percentage Percentage increase or decrease in price of the renewed contract. To indicate a decrease in price, enter a negative percentage. A Cost Adjustment or Cost Adjustment Percentage can be specified, but not both.
  5. Perform one of the following steps.
    • To save all entered data and change the substate to Under Review, click Submit for Review. The contract is sent to the specified Approver.
    • To save all entered data and change the substate to Awaiting Review, click Save But Do Not Submit. The Renew button is available to submit the renewed contract for review at a later time.
  6. Change any information on the Contract form, as necessary.
  7. Click Update.

What to do next

If you selected the Save But Do Not Submit option, ensure that you click Renew when you are ready to submit the contract renewal for approval.