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Gatekeeper Contract and Vendor Management Glossary

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

Renewal Term

A renewal term is the fixed period for any automatic or agreed contract renewal.

By having visibility of your renewal terms, and storing them in a centralised location so they are easy to find, you can keep ahead of key dates.

Effectively managing renewals with contract management software involves:

  • Extracting renewal terms and storing them centrally
  • Gaining visibility of upcoming dates to set proactive reviews
  • Sending automated alerts to stakeholders ahead of renewals to prevent delinquent or duplicate spend.