Contract Renewal Process – Phase 6 of 6
Avoid missed renewal deadlines and opportunities
Be prepared at time of renewal to take all advantages in renegotiation, renewal, or termination. Effective alerts and reporting gives executives awareness over the entire contract management cycle, however in the contract renewal process phase, reporting can set the stage for opportunity in contract renegotiation or cancellation.
Records policies set retention periods and identify key milestones with scheduled reminders for reviews, renewals, or re-negotiation. Contract renewal software provides the ability to add document reminders that link to Outlook improving visibility. Decision-makers have more time to prepare and never miss a deadline.
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- Six key phases of the contract life-cycle
- A centralized, unified system for contract management
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Want to learn more? Read about phase 1, the Contract Initiation and Review Process.