This article explains the different Contract Dates available in Gatekeeper and the value that comes from setting these in terms of Contract Renewal Management.
Where To Find Contract Dates
To access contract details such as relevant dates or to add in a new contract, click on the Contracts option from the left side navigation menu.
Selecting a specific contract will display associated information on the Data tab, including the CONTRACT DATES section of the record. The corresponding edit button will allow you to update these details at any time.
Understanding Contract Dates
Although optional, we recommend decorating the contract record with certain key dates and indicators such as:
- Start Date - the commencement date of the contractual agreement
- End Date OR Evergreen - the expiration date of a contract OR an indication of Evergreen status, meaning the agreement does not have an expiration date
- Notice Period Date OR Rolling Days Notice - the date in which notice must be provided to alter/exit the contractual agreement OR the rolling number of days needed to give notice
Note: the Rolling Days Notice field is for reference purposes to document the terms of a contract. Numbers entered into this field are not incorporated into automated Workflows or Dashboard visualisations.
The Importance of Contract Dates
The Start Date can be leveraged in workflows to set automated renewal notifications to alert yearly, before the Start Date Anniversary, sometimes used with Evergreen contracts.
The End Date and Notice Period Date fields are especially powerful in driving valuable Dashboard metrics, initiating automated renewal Workflows, and ensuring the efficient management of contracts stored in Gatekeeper with Auto-Archive.
These dates can be set as their true date without the need to factor in the time to undertake a contract review as this can be configured in the workflow trigger settings e.g. alert 45 days before the Start Date Anniversary, Notice Period Date or End Date.
