Contract Renewals User Guide
Purpose: This document is intended to provide a high level overview and functionality of Contract Renewals within the Levelpath Platform.
How do Contract Renewals work?
Levelpath believes in streamlining the Contract renewal process for all stakeholders. We automate the initiation of a Renewal Workspace and notify all involved parties. The purpose of the renewal workspace is to initiate a conversation between Business Owner and Contract Owner in order to evaluate the soon-to-be expiring Contract.
The Business Owner and Contract Owner are notified of an upcoming renewal for a Contract via a new renewal workspace for their respective Contracts. These workspaces will be viewable directly in their Hub, as well as, within a Contract Record under the “Projects” tab on the right from “Contract overview”.
Note: Contracts must have “Active” status and an owner assigned to trigger notifications. Renewals are triggered based on the following criteria: 30, 60, 90, 180 days prior to the Notice of Termination Date or Contract End Date. You are also able to set your renewal reminder to a custom date.
Note: To utilize Contract Renewal workspace and notifications, a Contract Record must be added to Levelpath before the 30, 60, 90, 180 day window prior to the Notice of Termination date or Contract End Date.
What happens when a Renewal begins?
Once the renewal flow is triggered, a renewal workspace is created for assessment. Here is a look at the project:
What Information does a Contract Renewal Workspace collect?
The workspace collects high level information from the Business owner and Contract owner such as:
- Is the supplier still being used?
- Is the plan to continue using the supplier?
- Have there been or are you planning on any scope changes for your use case with this supplier?
- How should we proceed?
Additionally, within the renewal workspace, you have the option to Kick of a Linked Workspace for Procurement Followup, or Link to a contract workflow.
Once the Renewal Review workspace is completed. The appropriate parties will follow up with next steps to the Supplier Contact 🚀