Extend a contract

After creating a contract, you can extend it, if necessary. Extending the end date retains contract information and history.

Before you begin

Role required: contract_manager or admin

About this task

When you extend a contract, the end date of any associated assets changes to match the new contract end date. All other contract dates, including notification dates, are recalculated automatically based on the new end date. You can extend a contract that meets the following conditions.
  • State must be Active or Expired
  • Substate must be None or Rejected

Procedure

  1. Navigate to Contract Management > Contract > All.
  2. Select a contract in Active or Expired state.
  3. Click Extend.
  4. Select an option from Extension Option or enter an Extension End Date.
  5. Complete the form.
    Table 1. Extend the contract
    Field Description
    Extension Contact Individual who works for the vendor and is responsible for extending the contract.
    Extension Option Length of time for the extension, in years.
    Extension End Date Date on which the extended contract expires.
    Cost Adjustment Type Type of cost adjustment to apply to the extended contract: None, Fixed, Manual, or CPI.
    Approver User with the contract_manager role who approves or rejects the contract extension.
    Cost Adjustment Numerical increase or decrease in price of the extended 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 extended contract. To indicate a decrease in price, enter a negative percentage. A Cost Adjustment or Cost Adjustment Percentage can be specified, but not both.
  6. Perform one of the following tasks.
    • To save all entered data and change the substate to Under Review, click Submit For Review. The contract can be sent to the specified Approver.
    • To save all entered data and change the substate to Awaiting Review, click Save But Do Not Submit. The Extend button is available to submit the extended contract for review at a later time.