Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Contract Expiration Date

An Expiration Date is the ending of any fixed period during which a Contract is operational.

The expiration of a contract is generally happens upon completion - which is date driven. It is often perceived as a termination. 

Businesses with manual contracting processes often lack visibility of contract expiration dates, putting their business at risks including: 

  • Not leaving enough time to review alternatives ahead of a renewal
  • Not being able to serve notice if appropriate and contracts renewing
  • Duplicate and delinquent spend from unintended renewals
  • Operational delays or failure if the contract comes to an end without the organisation knowing. 

Gatekeeper allows businesses to extract contract expiration dates into a central repository and use these dates to send notifications to contract owners.

By doing so, owners are alerted that contracts are reaching their expiry and action needs to be taken, whether that's a renewal or close-out.