Overview
Renewal and Review Reminders are essential tools in contract management. They help you stay informed about important dates and necessary actions for your contracts, ensuring you avoid missed opportunities or unintentional renewals. This document explains why these reminders are important, how they work, and how to use them effectively to manage your contractual obligations.
Why are Renewal and Review Reminders Important?
Renewal and Review Reminders help you avoid missing deadlines, ensuring continuous service or coverage for your contracts. By knowing when renewals and reviews are coming up, you can proactively manage terms, adjust services, or terminate contracts that no longer fit your needs. Staying on top of these dates also helps manage financial commitments and avoid unexpected costs.
These notifications help you and your team avoid unintentional oversights or missed opportunities.
Renewal Reminders
Renewal Reminders are notifications that alert you of upcoming renewals. This type of notification is available if a contract’s Renewal Type is Automatic or Optional Renewal Types.
By default, a Renewal Reminder is sent well before a contract’s Opt Out or Opt In date, giving you ample time to decide whether you want the contract to renew.
To adjust the renewal reminder for a specific contract or modify its reminder date, you can click on Change Date or select the option to Turn off renewal reminder within the contract details.
For detailed steps on managing renewal reminders, including setting, changing, and disabling reminders, refer to the Manage Renewal Reminders document.
Review Reminders
Review Reminders are notifications that prompt you to review an existing contract. These notifications are available for contracts with Perpetual or Non-Renewing Renewal Types, which either continue indefinitely or do not renew at all.
Review Reminders allow you to configure a date-based prompt to assess contract terms, helping you manage contracts effectively by minimizing oversight and optimizing outcomes through proactive monitoring.
Best Practices for Review and Renewal Reminders
Setting Review and Renewal Reminders
- Set Review Reminders for long-term contracts, particularly those with Perpetual or Non-Renewing Renewal Types, to ensure regular assessment of their relevance and performance.
- Establish reminders for contracts involving critical services or supplies to avoid lapses in service and maintain favorable terms.
- For contracts with variable terms or costs, use Review Reminders to reassess the contract's benefits over time.
- Ensure renewal and review reminders are set well before critical dates to allow ample time for decision-making.
Actions After a Review Reminder
- Evaluate the contract’s performance by considering the quality of service or product provided, adherence to terms, and overall value.
- Decide whether to continue, renegotiate, or terminate the contract based on the review. Ensure that the contract continues to align with organizational needs.
- Document any decisions or actions taken in the contract record within Tropic, including notes on performance, renegotiation discussions, or steps to begin termination if needed.
Customizing and Managing Reminders
- Adjust reminder dates as needed to fit specific contract requirements and organizational workflows.
- If the contract is to be continued, reset the Review Reminder for the next evaluation period by accessing the contract details, changing the date, and saving the changes.
- Disable reminders for contracts that do not require them to avoid unnecessary notifications.
Importance of Managing Reminders: Managing renewal and review reminders prevents missing critical dates, allowing for timely renewals or contract reviews. This proactive approach helps avoid unintentional renewals or lapses in contract coverage.
Additional Resources
For comprehensive details on managing contract statuses and understanding renewal types, refer to the following documents:
For a complete approach to integrating these elements effectively, see Best Practices for Using Contract Statuses, Renewal Types, and Stages.