Renewing or terminating contracts
When an action date for a contract is reached, the contract owner must indicate whether the contract should be extended or terminated. Depending on the choice made during the evaluation, a notification is sent to the executor to actually extend or terminate the contract. This is a manual action that needs to be carried out outside Spend Cloud, after you have communicated with the relevant supplier. You can then register in Spend Cloud whether the contract has been extended or terminated.
Registering a contract extension or termination is done as follows:
- Scroll to the contract period.
- For extensions, enter the revised contract details in the fields.
- For terminations, check the end date in the contract period. This is the date on which the contract will be deactivated in Spend Cloud. You can change this date if, for example, the contract needs to be terminated prematurely.
- Next, in the yellow section, indicate whether you are awaiting confirmation.
- Select 'No' if everything regarding the extension or termination has been arranged with the supplier. By selecting 'No,' you indicate that you are no longer waiting for confirmation of the revised terms, and the contract has actually been extended or terminated. Clicking 'Save' now completes the action, and the contract will disappear from your action list. The contract status will change, and the contract stakeholders will receive a notification email that a change has been made.
- Select 'Yes' if there are, for example, changes in the terms and you have not yet received confirmation. You are waiting for confirmation from the supplier, and the contract cannot yet be activated or terminated. Clicking 'Save' will keep the contract in the action list. Here you will see that the contract status is 'Awaiting Confirmation.' From the archive, contract stakeholders also see this status, indicating that the action is in progress, but confirmation is still pending from the supplier before the contract is activated or terminated.
- If you want to add a file and/or a note, you can check these options. You can then process them in the next step. For example, you can attach the confirmation from the supplier as an attachment using this method.
When there is a new version of the contract, you can display it as the main document of the contract. You can find an explanation about this in this article: change the document.