Contract Renewal Workflow

Why should we automate contract renewal instead of managing it through email and spreadsheets?

Manual renewal tracking relies on people remembering to chase reviewers and approvers, which makes it easy for expiry dates to slip. This workflow creates a record for every contract with a reference number, status and timeline, so the current state of any renewal is visible without needing to search email threads. Acknowledgement, confirmation and termination emails are sent automatically, reducing the coordination work on the contract owner and administrative staff.

What is the return on investment of using this workflow compared to handling renewals manually?

The workflow removes repetitive administrative steps such as sending acknowledgements, tracking due dates and re-entering data across systems, freeing reviewer and approver time for judgement calls rather than chasing. Because each template is ready to use immediately, a workspace can start running live renewals within minutes rather than commissioning a development project. Over time, the table view and status chart make it easier to spot bottlenecks in the renewal pipeline without manual reporting.

Who is involved in the renewal process and what does each person do?

The contract owner submits the initial request and, depending on the outcome, records renegotiated terms or issues a termination notice. The contract reviewer carries out the performance and risk assessment and selects a renewal decision, which can also be looped back to them for reassessment after a rejection. The commercial manager and legal team each provide an approval decision, and the contracts administrator stores the final signed agreement and new expiry date.

What happens if the commercial manager or legal team rejects the renewal?

A rejection at either the commercial manager or legal approval step routes the renewal back to the contract reviewer for reassessment. This rework loop is bounded to a maximum of two passes, keeping the process from cycling indefinitely. Each reassessment, decision and reason is saved to the record's timeline, so the history of why a renewal was reworked is preserved.

How does the workflow handle a decision to renegotiate rather than renew or terminate?

If the reviewer selects Renegotiate, the contract status is set to Renegotiating and a task is sent to the contract owner to record the renegotiated terms and new annual value. There is no due date on this task, reflecting that renegotiation can take longer than a straightforward renewal or termination decision. Once submitted, the renegotiated terms and value are saved to the record and the renewal proceeds to commercial manager approval.

What happens if the reviewer decides to terminate the contract?

A Terminate decision sets the contract status to Terminating and assigns the contract owner a task, due in five days, to issue the termination notice and record the notice date and termination date. These details are saved to the record, the status is updated to Terminated, and an email is sent to the contract owner confirming the termination date. The full sequence of decisions and dates remains visible in the record's timeline.

Can this workflow be customised for our organisation's specific renewal process?

Yes, a workspace can change the workflow by describing the required change in plain English or by editing the steps directly in the workflow editor. This makes it possible to adjust due dates, approval stages or the fields collected on the request form as renewal policies evolve. Earlier versions of the workflow are kept, so changes can be reviewed against previous configurations.

How do contract owners and counterparties interact with this workflow without needing an account?

Contract owners submit the initial renewal request through a public request form, and any subsequent input, such as renegotiated terms or termination details, is collected through forms emailed directly to them. No account or login is required at any point in the process. This keeps participation simple for contract owners who are not regular workspace users.

Where is the signed renewal agreement stored and how is it tracked?

Once both commercial manager and legal approvals are complete, the status changes to Ready for Signature and the contracts administrator is assigned a task to record the new expiry date and upload the signed copy. This information is saved to the contract's record once submitted, and the status updates to Renewed. The Contracts Table View and Renewal Status Chart Widget give a portfolio-level view of where each contract stands, including those marked Renewed.

What visibility do we have into the status of contracts partway through renewal?

Every contract record carries a current status, such as Under Review, Renegotiating, or Ready for Signature, along with a timeline of what has happened on it. The Contracts Table View lists records by status, and the Renewal Status Chart Widget presents an aggregated dashboard view for tracking renewal progress across contracts. Workspace activity related to the renewal is also logged, supporting internal record-keeping; each business should confirm this meets its own compliance requirements.