About this article:
Vendr can serve as your contract management system and help you stay up to date on all upcoming renewals. You can customize your notification preferences to make them useful for you and ensure you stay on top of everything you need to contract-wise.
Overview
This article outlines how to add a contract, adjust renewal notifications, create custom properties, and invite collaborators.
Adding your contracts and subscriptions
When setting up your account, you’ll want to upload all of your contracts. Vendr can support all contract types - SaaS, non-SaaS, consulting agreements, and more!
(Please note that Vendr can only provide negotiation support on SaaS contracts.)
There are two different types of agreements in Vendr: contracts and subscriptions.
Contracts usually have a signed agreement with a clear end date and a term length of one year or more.
Subscriptions are typically purchased with a credit card and are billed monthly, with no definitive end date and can be canceled at any time.
Contracts are identifiable by a C-000 and subscriptions S-000.
When uploading documents you’ll be prompted to fill in information about the document: start and end dates, contract value, line items, contract owners and more.
It is also a good idea to link related contracts within the system. As renewal requests are submitted, this will happen automatically.
Contract ownership
You must establish contract owners within Vendr. You can designate multiple owners by clicking Edit contract and typing in the name of the owner you wish to add. The names should auto-populate in the dropdown field.
These individuals will receive weekly reminders when their contracts are coming up for renewal, starting at ~120 days prior to renewal deadline.
These folks are typically the ones responsible for submitting intakes to kick off the renewal process in Vendr. There may be additional steps within the workflow that you assign to the “requester,” and they will be notified of those responsibilities as they occur.
Create custom properties
If you want to add additional information to be tracked in Agreements, you are able to do so by adding a custom property. You can do this by navigating to the Admin Panel on the bottom left of Vendr > Custom properties.
Add a group to house the custom properties you want to add. (EX: There may be some specific areas of the business or certain processes you have.)
Add a custom property into the group.
Fill in the details of the property and the description of what it is (optional).
Select the type of property you want, which will define the format of information users can add to the field.
To edit these custom properties in your agreements: navigate to the Agreements tab, hover over any agreement, and select “Quick Edit.”
Additionally, you can report on these custom properties by creating a custom view in agreements.
Renewal Notifications
When you add your contracts, you’ll want to be sure to enter the correct start and end dates of the contract.
Please note that subscriptions do not send renewal reminder notifications, as there are no end dates to a subscription.
Renewal Deadlines are different based on whether or not your contract has an auto-renewal clause or not.
Auto-renewals: If your contract is set to auto renew, your renewal deadline will be the opt-out date.
For example, if your contract with Salesflare is an auto-renewal with an end date of March 29, but it has a 30-day opt-out requirement, your renewal deadline will be February 29. So you will receive renewal notifications starting ~120 days before the February 29 date. This allows you to submit an intake and potentially negotiate out of an auto-renewal clause if you choose.
Non auto-renewals: If your contract does not automatically renew, the renewal deadline will be the end date on the contract. If your contract with Salesflare does not auto-renew and has an end date of March 29, renewal notifications will start ~120 days before the March 29 date.
Renewal notifications are set by Vendr Admins in the admin portal. In order to set up these notifications, navigate to the Admin panel > General Settings > “Opt-in” to the weekly renewal reminders for your organization.
Reminders will go out 120 days ahead of a renewal deadline unless overridden by an admin. This gives you time to collect necessary documents, negotiate with the Supplier, and gives approvers time to complete their steps.
Tip! Supercharge with our Slack integration so that renewal reminders never get missed.
Next, we'll walk through how you can leverage Vendr's workflows for your procurement approvals process.