Taking the Confusion out of Contract Renewal

Taking the Confusion out of Contract Renewal

Perhaps the most common challenge organizations face in the management of their contracts is the process of the contract renewal. While the focus of the renewal process is often placed on tracking the appropriate renewal date, an aspect that is often overlooked is the renewal type.

Effectively managing the process of contract renewal requires detailed information about the terms and conditions of the contract: Does it auto-renew, or does it require notice to opt-in for an additional term? What is the duration of a renewal term, and what are the conditions? Is a formal amendment required? What are the required notification periods? Tracking renewal dates is certainly an important aspect of contract management, but the most effective systems incorporate much more detail.

The ConvergePoint Contract Management solution provides a comprehensive platform to support contract renewal. The system captures key data about renewal at the point of signature, providing insight into not only the date/timing of the renewal but also the structure and terms of the renewal process itself. Contracts may be designated for auto-renewal or standard opt-in renewal, then the appropriate terms for notification periods, favorable conditions, term durations, and other key information are tracked accordingly. For those contracts where renewal terms do not apply, the system includes “No Renewal” and “Evergreen” designations to manage the lifecycle of the contract appropriately.

By tracking detailed information about the renewal type, you gain substantially more insight into the renewal process without the need to individually open and review each contract. And because the renewal type is captured as a metadata field and stored in your SharePoint Online database, running accurate reports becomes even easier and more efficient. Dashboard displays can be sorted and filtered against your renewal terms, so you have real-time visibility of not only the pending renewals but also the specific tasks required to properly manage the process.

Take the confusion out of your contract renewal process and become more efficient by adding a renewal type to your data set.

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Industries Served

Education

Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.

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Manufacturing and Retail Industry

Manage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.

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Healthcare

Comply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.

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Financial Services and Banking

Comply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals.

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Insurance and Employee Benefits

Create and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.

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Energy and Utilities

Abide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.

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Transportation

Comply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.
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CONTRACT MANAGEMENT – BEST PRACTICES

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BEST PRACTICES

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