Search common contracting language and take a deeper dive to discover what each means
An Automatic Renewal Clause states a contract will be renewed for a certain Period without Notice by a Party.
This is the case unless that Party receives Notice of non-renewal from the other Party before a specified date.
For example, a contract may state that notice must be provided 180 days prior to the renewal date.
The notice may also have to be communicated in a specific way.
Automatic renewal clauses can be contained within all types of contracts, including employment agreements and vendor agreements.
If your business lacks visibility of these clauses, contracts can auto-renew and lead to delinquent spend.
It can also lead to the renewal of services that have delivered poor performance.
Gatekeeper provides visibility of automatic renewal clauses by allowing you to capture them in a central repository.
You can also set automated reminders to alert you and your team about upcoming renewal dates - allowing you to act ahead of time.
Watch our Proactive Renewal Management webinar to find out more.