A crucial part of Contract Management Software is to receive timely notifications by the appropriate individual. An important notification is both the automatic renewal of the contract on the end date and the automatic termination of the contract. It is best practice to have an action plan when an automatic end date notification is received and how it should be evaluated.
It is important that the user, the team and the organization take sufficient time to fully evaluate a contract and factor in time to complete the action plan. Not only is time needed to evaluate a contract, but also to renegotiate the contract or to look for a new supplier. All information collected can be obtained during the term of the contract and viewed in MochaDocs. Interim evaluations can also be scheduled and the opportunity to determine whether agreements from the contract have been adhered to.
It is recommended to compare the content of the contract with other, similar contracts. The content and possible improvement measures of other contracts, combined with the information from the contract to be expired, is an excellent basis for the end date decision making.
All appendices are accessible to the contract owner during the execution of the contract. Uploading all available documents at the end of the contract period will provide a good addition to the status check and history of all appointments. A well-documented contract is the foundation for a good evaluation. An audit trail is a necessary part of this to see what has been done, when it has been done and by whom it was done.
If the activities from the contract are properly fine-tuned and the contract is automatically renewed, all suitable tasks will also be scheduled again for the new contract period. It is recommended to follow all planned future actions to ensure they are still in line with the new conditions.