The Renew feature is designed to extend the life of an existing agreement. Unlike creating a new contract from scratch, a renewal maintains the same Contract Number. And creates a permanent historical link between the previous version and the new one.
Prerequisites for Renewal
To successfully renew a contract, the following conditions must be met:
- Roles: You must have the Contracts Administrator role, the View Contracts role, or be a Member of the contract with Edit permissions.
- Contract State: The contract must be in an Active or Expired state.
- Restriction: Contracts in a Canceled state cannot be renewed.
Copy vs. Renew: Key Differences
It is important to choose the right action based on your needs:
| Feature | Copy Function | Renew Function |
| Contract Number | Generates a NEW number. | Retains the SAME number. |
| History | Created as a standalone record. | Linked to the previous version. |
| Primary Use | Using a contract as a template for a different vendor or agreement. | Extending an existing agreement with the same vendor. |
Pro-Tip: Renewals are the best way to maintain a clean "Total Spend" history for a long-term supplier relationship. Because the contract number stays the same, all linked orders across multiple years will be rolled up into a single reporting view.
Standard Renewal Process
Use this method for straightforward extensions where the primary goal is to push out the end date.
- Locate the Contract: Go to the Contracts module and open the specific contract.
- Initiate: Click the More Actions menu (top right) and select Renew.
- Data Population: Unimarket will automatically copy all details from the current contract, into a new draft.
- Counterpart: Review the Counterpart tab, to ensure supplier details are still correct.
- Leadsheet & Dates:
- The Start Date will automatically set to the exact moment the current contract ends. To ensure no gap in coverage.
- Enter the new End Date and time for the renewal period.
- Finalize: Review the remaining tabs (Members, Alerts, etc.) and click Finish.
Renewing with Amendments
If you need to change terms, values, or documents at the same time as the renewal. Follow the amendment workflow.
- Open the Contract: Navigate to the Renewal tab within the contract record.
- Add Renewal: Click +Add Renewal.
- Edit Details: A pop-up box will appear allowing you to enter new information. This is where you can adjust contract values or upload new legal documents.
- Alerts: You can also select +Add Alert to set new notification triggers for this specific renewal period.
- Submit: Once your updates are complete, select Finish.
The Renewals Tab
Once a contract has been renewed, a Renewals tab becomes visible on the contract record. This tab displays:
- The original contract details.
- A chronological list of all subsequent renewals.
- Links to each specific version for easy comparison and auditing.