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A Contract Renewal is an extension of the Term of a Contract, on or before the last day of the Term.
Renewals can be defined by an auto-renewal clause, meaning it will automatically start again after the last day of the Term - unless notice is given.
When a Renewal happens, the terms of the contract often stay the same. It is often whole new contract, for a new period of time.
Gatekeeper allows you to capture and store Renewal Dates in a central repository so they are easily visible by relevant parties.
You can also set automated notifications and alert stakeholders when contracts are nearing their renewal date, so action can be taken.
Gatekeeper supports proactive renewal management so you can prevent delinquent spend. Watch the webinar below to find out more.