Renewal notice
A renewal notice confirms that an agreement continues for another term, sometimes at a new price. It replaces the previous term in the renewal chain.
Commitment: Carries the money and the dates. The only role counted in spend.
Key takeaways
- Record the renewal as a new term that supersedes the old one.
- Check the new price against any cap in the original agreement.
- Note the next notice deadline straight away.
How does the register handle a renewal?
The new term supersedes the previous one, so history is kept and only the current term counts toward spend.
What to record
- New term dates
- New price
- The term it replaces
Frequently asked questions
What if the renewal price rose more than the cap?
Raise it with the vendor. The original agreement's cap is your reference.
General working knowledge about commercial contracts, not legal advice. Your own agreement governs.