The Contract Renew action in OfficeRnD allows Admins to easily raise a continuation of an existing contract, without the need to manually fill in all the fields in the New Contract Dialog.
The Contract Renew action is available for contracts that:
- Are already signed.
- Have an end date.
- Are not canceled or terminated.
Where to find the Contract Renew option
The Contract Renew action can be found in two places:
1. The cogwheel menu in the Contracts grid of a Company profile:
2. Inside the Details page of each contract for which the action is available:
How does it work?
When the Contract Renew action is triggered, the system creates a renewal contract with a new contract number (also known as Agreement ID). All the relevant fields are pre-populated, based on the information from the initial contract that's up for renewing. These fields can also be edited by the admin, if needed.
By default, the Contract Type (membership agreement/license agreement/lease agreement) of the renewal contract is that of the contract that's being renewed.
What is the link between the initial contract and the renewal contract?
When a Renewal contract is created out of an already signed contract, a link between both is recorded and visualized in the system.
- On the Renewal contract's Details page, in the left sidebar, you will see a property called Renewed Contract. It will redirect you to the initial contract that has been renewed.
- Once the Renewal contract is signed, a link to it will be saved in the initial contract’s Details page. In the left sidebar, you will see a property called Renewal Contract which will redirect you to the renewed contract.
Resultingly, the initial contract will be marked with a label Renewed in the contracts grids.
- Both the Initial and the Renewal Contracts can have only one link to the respective renewal and initial contracts.
- If multiple renewal contracts are created out of a single signed contract, only the first signed renewal contract will be linked to the initial contract.
Which Contract Fields will automatically be prepopulated?
- Contact Fields - the Company and Member fields will be prepopulated with the information from the contract which is being renewed.
- Type field - Type Renewal will be selected automatically.
- Start/End Date - The start date of the renewal contract will be the day after the end date of the contract that is being renewed. The end date will be calculated accordingly, based on the length of the contract that is being renewed.
- Notice - The renewal contract will have the same notice period as the contract that is being renewed.
- Plans, Resources, Memberships, Steps - Line-items, periods, and contract steps, together with all attributes such as count, deposits, prices, discounts, will be identical to the ones in the contract that is being renewed and will be configured automatically in the renewal contract.
- Terms and Conditions - The same terms and conditions files will be selected. However, if at the time of the Contract Renew action, there are newer T&C versions than the ones used in the contract that is being renewed, the newest version of each document will be picked up.
- Addendum - If any addendum was used/attached in the contract that is being renewed, the system will use/attach the same addendum to the renewal contract.
- Custom Properties - If there are any custom properties for contracts, they will be filled in identically to the contract that is being renewed.
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