Auto renewal can be set up when you add or edit a contract. Under the Terms tab, you can enable or disable the auto renewal policy on the contract. You will see 3 additional fields that will drive how this functions.
Length – the amount of time the auto renewal will last until It either expires or enters another auto renewal period. Selecting month-to-month will make the contract run indefinitely until you terminate it.
Renewal Period – the amount of times this contract can be auto renewed before it is no longer active. Selecting N/A here will keep the auto renewal process running indefinitely until you terminate the contract.
Fee Increase – this is for reference when you approve/deny the auto renewal
The auto renewal process will only be available once the vendor cancellation deadline has passed.
Example: You have a contract set to expire on September 1. You have a 60 day vendor cancellation notification set on this contract. Starting July 1, RFX will flag this contract and give you the ability to auto renew it.
If you set a period of 2 years, then the following July 1, you will be prompted to auto renew the contract again.
Auto Renew
Once the contract is eligible for auto renewal, you will be able to approve/deny this in the following places:
The main dashboard contract area will list the number of contracts with notifications due. Clicking view on a contract will take you to the contract details page.
The notification bell at the top of the page will display the number of contracts pending auto renewal, similar to the main dashboard.
The Status column on the contracts dashboard will have a clickable link for Take Action.
The contract details screen will flag the contract as At Risk and you can click the warning box to bring up the auto renewal dialog.
Take Action
The auto renewal dialog should pre-populate the information based on how the contract was initially set up. You can deny or approve privileging on this dialog.
If you deny privileging, the contract will stay active until the end date passes and at that time will go into an Inactive state.
Things to Know: The vendor is not notified through RFX whether you approve or deny the auto renewal. It is your responsibility to notify them outside of the system.
Once you approve the auto renewal, the contract will enter a status of Auto Renewed. No further action is needed.