Manage Renewals in Ironclad

This topic will walk you through how to manage renewals in Ironclad.

This topic details our best practices and recommendations for managing renewals in Ironclad. Tailor this content to fit your company’s needs.

Configure an Auto-Renewal Process

This method of automatic renewal does not create a new contract or a new record.

In the Launch Form

1. Add one of the following questions:
   1. Add a Yes/No question that asks Will this agreement auto-renew?
   2. Add a Multiple Choice question that asks What is the contract term? For the multiple choice options, add Auto-Renew, Fixed Term, and Evergreen (Does Not Terminate).
2. Provide notice to the other party on auto-renewing agreements by capturing the Renewal Opt-Out Notice Date.
3. To capture the Agreement Expiration Date:
   1. Add a Date question labeled Effective Date.
   2. Add a Number question asking What is the term length of the agreement?
   3. Create a formula for Expiration Date. Do not name your formula Agreement Expiration Date.
4. Create a Contract Status field:
   • To automatically set the contract status to Active, in the Formula field enter “Active”. Every workflow created from this template will have a contract status set to Active. If a contract becomes inactive or is terminated, you can manually update the status in the Repository.

In the Repository

1. Filter by:
   • Automatic Renewal: Select Yes.
   • Agreement Expiration Date: Select Between and enter “on today AND 30/60/90 days after today depending on how many days in advance of expiration you want your team to get notified. You could also create a contract date reminder based on the Renewal Opt-Out Notice Date.
   • Contract Status: Select Active. This filters out the terminated and inactive records from the contract date reminder.
2. With the filtered view applied, create a contract date reminder that will be sent out to the specified parties when the automatic renewal date is approaching. Refer to the image below for an example of a reminder.
3. After the contract automatically renews, manually update the Agreement Expiration Date. The record will then no longer be included in the contract date reminder notification.

Configure a Fixed Term Renewal Process

This method of renewal creates a new contract and Repository record.

In the Launch Form

1. Add one of the following questions:
   1. Add a Yes/No question that asks Will this agreement auto-renew?
   2. Add a Multiple Choice question that asks What is the contract term? For the multiple choice options, add Auto-Renew, Fixed Term, and Evergreen (Does Not Terminate).
2. Provide notice to the other party on renewing agreements by capturing the Renewal Opt-Out Notice Date.
3. To capture the agreement expiration date:
   1. Add a Date question labeled Effective Date.
   2. Add a Number question asking What is the term length of the agreement?
   3. Create a formula for Expiration Date. Do not name your formula Agreement Expiration Date.
4. Create a Contract Status field:
   • To automatically set the contract status to Active, in the Formula field enter “Active”. Every workflow created from this template will have a contract status set to Active. If a contract becomes inactive or is terminated, you can manually update the status in the Repository.

In the Repository

1. Filter by:
   • ​​​​​​​Automatic Renewal: Select No.
   • Agreement Expiration Date: Select Between and enter “on today AND 30/60/90 days after today depending on how many days in advance of expiration you want your team to get notified.
   • Contract Status: Select Active. This filters out the terminated and inactive records from the contract date reminder.
2. With the filtered view applied, create a contract date reminder that will be sent out to the specified parties when the end of the contract term length is approaching. Refer to the image below for an example of a reminder.
3. Based on the contract date notification, the user can manually renew their contract using one of two options. Both options allow you to create a new contract for the renewal and a new record in the Repository:
   • ​​​​​​​​​​​​​​(Recommended path) Build a combined workflow with both the original and renewal agreement. Use this option if you do not have a renewals specific workflow template.
     1. Add a Yes/No question that asks Is this a renewal? If Yes is selected, use a related records field to search for the existing contract. The launch form fields are prefilled with the metadata from the existing contract. If No is selected, the related records search field does not display.
   • Build a renewals specific workflow. Use this option if you have a renewals specific workflow template:
     1. ​​​​​​​Use a related records field to search for the existing agreement. The launch form fields are prefilled with the metadata from the existing contracts.