Understanding Renewals

PeopleSoft Contracts enables you to renew contract lines outside of amendment processing. A renewable contract line is for a fixed-amount product or service, such as maintenance, for which you license the product for a set period of time and provide the customer with the option of extending the licensing period once the initial period expires.

When defining a fixed-amount product, you can designate that product as renewable, select the renewal action (manual versus automated renewal), and optionally select a default renewal plan template. When selecting a renewable product onto a contract line, define a start and end date for the contract line, and establish a future renewal plan. If you select a renewal plan template for a product, the system creates a renewal plan upon your saving of the contract line.

This flowchart illustrates the renewals process flow:

This flowchart illustrates the renewals process flow