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Administrator Guide
Last Updated: 2023-06-23
Define Supplier Contract Renewal Terms

Define Supplier Contract Renewal Terms

Create supplier contract types with these options:
  • Renewal Term
  • (Optional)
    Scheduled Invoices
     or
    Scheduled Purchase Orders
Security:
Process: Supplier Contracts
 domain in the Supplier Contracts functional area.
Define renewal terms to renew supplier contracts and contract lines automatically.
  1. Access the
    Maintain Supplier Contract Types
     task to enable renewal terms for your contract type.
  2. Access the
    Create
     /
    Edit Supplier Contract
     or
    Create/Edit Supplier Contract Amendment
     task.
  3. Specify
    Renewal Terms
     for the contract:
    Option Description
    Automatically Renew
    Select to define automatic renewal terms for this contract.
    This option activates the
    Renewal Term
     and
    Renewal Term Frequency
     fields.
    Send Expiration Notification
    Select to notify supplier contract specialists when contracts are approaching expiration.
    Workday lists only supplier contracts with the
    Send Expiration Notification
     option checked in supplier contract notifications.
    Notice Period
    Specify a
    Notice Period
     in days or months up to 3 digits. If you don't enter a value, Workday retains the zero default and sends notifications on the
    Renewal Opt Out Date
    .
    Workday calculates the
    Renewal Opt Out Date
     based on the notice period you define. The
    Renewal Opt Out Date
     is a guideline for you to renegotiate the contract or cancel the renewal.
    Notice Period Frequency
    Specify the unit of time for the notice period in
    Days
     or
    Months
    . Workday sends notifications during the:
    • Value you specify in the
      Notice Period
       field, and the
    • Supplier contract or line
      End Date
      .
    Renewal Term Frequency
    Enter the unit of time for the renewal term in
    Months
     or
    Years
    .
    Select a renewal term frequency that's compatible with the supplier invoice or purchase order schedule.
    Example showing Renewal Terms and Supplier Invoice or Purchase Order Schedule:
    Option Description
    Months
    Monthly
    Years
    Annual
  4. Specify renewal options for individual goods lines:
    Option Description
    Do Not Auto-Renew
    Check to exclude this line from automatically renewing when the contract renews.
    Renewal Amount
    Enter the extended amount for the renewal contract line.
    Renewal Quantity
    Enter the quantity for the renewal contract line.
Once approved, Workday renews supplier contracts and applicable lines in contract renewal amendments.
  • Access the
    Schedule Supplier Contract Expiration Notification
     task to send notifications to supplier contract specialists about expiring contracts.
  • Access the
    Schedule Supplier Contracts Renewal
     task to automate contract renewals.