Renewing Contracts

Some contract types (e.g., non-billed budgets) may allow or require renewal. If renewal is optional, a renewal date may be specified when the contract is created. If renewal is required, you must specify a renewal date.

The Contract renewal background process initiates the renewal for all active contracts when the renewal date is reached (i.e., the renewal date is on or before the process date). When a contract is renewed:

• The contract renewal algorithm (specified on the contract type) is executed. The contract renewal algorithm can be used to customize the processing required to renew an contract.
• If the contract renewal algorithm is successful, the renewal and expiration date (if calculated by the renewal algorithm) on the contract are updated with the values returned from the renewal algorithm.
• If the renewal process is not successful, a To Do list entry (of type TD-SARN) is created for the account and contract.