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Early Renewal

This section outlines the process for implementing "Early Renewals" for contracts, allowing for significant changes and adjustments before the original contract term ends.

Purpose

The purpose of Early Renewals is to provide flexibility for Sales Representatives to make substantial changes to active contracts and billing schedules to meet customer needs. This often involves "starting fresh" with a new contract rather than amending an existing one extensively.

Key Features

  1. Early Renewal Date: The start date for the new contract.
  2. Previous Contract End Date: The date the prior contract ends, one day before the early renewal date.
  3. Billing Day of Month: An attribute of the Bill Group (BG), representing the day of the month when invoices are issued. This can be adjusted with an early renewal.

Motivations

Standard amendments may not be sufficient for extensive changes and don't allow resetting the billing day of the month.
Canceling and renewing contracts as separate actions is not supported. Renewing under a new Bill Group can impact revenue reporting. And thus the early renewal feature to the rescue

Early Renewal Process

The Early Renewal process involves the following steps:

  1. Step 1: Seeding the New Quote
    Option on to determine whether the subscriptions/offerings are included as of the early renewal date or as of the end of contract date (similar to how manual / auto renewals are seeded) The billing flow automatically reactivates subscriptions tied to the renewal quote. The new quote will have a type of EARLY_RENEWAL.
  2. Step 2: Orchestrating Amendment and Renewal
    The previous contract will be set to a "finished" state when the early renewal contract is processed. The existing quote/contract will be automatically amended to a reduced term, and offerings overlapping the early renewal date will be canceled. The amended quote will be processed, the new contract will be in a "pending" state, and the previous contract will be in "finished" state.
  3. Step 3: Switching the Bill Day
    One primary reason for early renewal is to enable changing the billing schedule or bill date. UI Changes

The user interface will distinguish between regular manual renewals and new early renewals.

Regular manual renewal


Early renewal

Updated 1 day ago