About this Article
Vendr allows you to note which of your contracts contain an auto-renewal clause. Configuring this on your contract allows you to set an opt-out deadline so you can ensure you are reminded before the contract auto-renews on a specific date. However, these contracts still require a manual renewal process to ensure the renewal is recorded properly.
This article covers how to note which contracts contain an auto-renewal clause, and what needs to be done in Vendr at the time of renewal.
Noting a Contract contains an Auto-Renewal Clause
You can add this data at the time of creating the contract, or any time after by editing the contract.
To do this:
Toggle Will this contract auto-renew? to Yes
Fill out the Required notice for opt-out (days) field. This field will be the date Vendr uses to send you renewal reminder notifications ahead of the end date of the contract. This helps ensure you are aware that the contract will auto-renew at this date and gives you ample time to opt-out of the auto-renewal if you wish.
Click the purple Save contract button
Once this is done, you will see a yellow Auto-Renew indicator on the Agreements table and the Renewal deadline will change based on the Required notice for opt-out (days) field.
Renewing a Contract with an Auto-Renewal Clause
A contract with an auto-renewal clause does not yet automatically create the following year's contract in Vendr for you. If you'd like to to note that the contract has auto-renewed, you can do this by manually marking it renewed.
To manually mark the contract as renewed:
Navigate to the contract on the Renewals table
Click the carat icon next to the Start renewal request button on the page
Click the Renewal completed button
Click Add new contract or Link to existing contract (you would choose this latter option if you have already created a new contract within Vendr to represent the next year's period of service)
Upload a copy of the Invoice, Purchase Order, or new Contract
Fill out the required fields to ensure the contract dates and details are accurate
Click Save contract
That's it! Your new contract will have a number appended to it (i.e. C-123-2) and will be linked to the old contract to represent the following year's service. This connection helps you understand how long and how much you've been paying for that particular supplier year over year.