Best contract renewal practices for your business
Renewal periods are a critical part of the contracting process. Tackle negotiations more effectively with these tips.
Contract Renewals
Automate your contract renewal processes
Know exactly when it’s time to revisit original contracts, negotiate new terms, and refresh the relationships that keep your business thriving.
Over 50,000+ companies use PandaDoc to handle critical contracts and agreements
What is contract renewal software?
Tired of contracts and deals slipping through the cracks?
Renewal reminders act like a safety net for your established contracts. When set, a reminder will notify all impacted parties that a contract is reaching the end of its lifespan and should be renegotiated to avoid a break in supply or service.
PandaDoc users can take advantage of built-in renewal notifications to send reminders and trigger the refresh process. Because collaboration, negotiation, and e-signing all take place inside PandaDoc, teams can set up deal rooms to facilitate fast renewals without ever leaving the platform.
Benefits of automatic contract renewals
Set clear renewal dates
Schedule renewal reminders when you close the deal. Select a date in advance of the expiration date to avoid surprises.
Know when clients need attention
Don’t let contracts slip through the cracks. Ensure that all parties know when deals are about to expire.
Lead your renewal process
Make renewals easy for everyone. Use reminders and guided processes to simplify the process for existing partners.
Don’t miss out on renewal opportunities
Give both parties room to negotiate
Adding reminders well in advance removes the pressure of an upcoming contract termination.
Give stakeholders a chance to discuss favorable terms, find common ground, and reach consensus before current agreements expire.
Start every renewal from a strong position
With PandaDoc, notifications are just the beginning. Build a complete refresh process with other tools on the platform.
Duplicate existing contracts or create custom quotes with automatic upsell options. Create a virtual deal room so that every negotiation is collaborative and transparent.
Stay organized and in control
With PandaDoc, you can filter your expiring contracts and easily find the next opportunity to reach your existing customers. And when you receive any new customer insights, you can adjust renewal settings accordingly.
Measure your success with reports and analytics
Leverage upcoming renewal dates to assess how much revenue is at risk each month or quarter. Learn how customers handle your renewal processes and which accounts are past their opt-out dates.
Need more data first? Send out customer satisfaction surveys with PandaDoc Forms before your renewal process even begins.
Learn how to automate your contracting process with renewal notifications
"PandaDoc is making this so much more efficient than it once was. The Hiring Packages are a breeze to send to candidates… this would’ve been a time-consuming administrative burden if it weren’t for PandaDoc."
A renewal strategy for every contract
Sales contracts
Renewals keep things moving smoothly with existing clients while giving teams the chance to take a fresh look at old agreements.
Because new deals are constructed from past terms, sales contracts that are outfitted with renewal clauses and processes become valuable assets that can contribute to long-term profitability and growth.
Supply and procurement contracts
Contracts that dictate the supply of goods and services from other companies benefit heavily from robust contract renewal management.
A clear renewal process improves stability within the supply chain by allowing for expanded service options and additional support in leased asset agreements.
Service and support agreements
Auto renewals for support and service agreements can help improve customer satisfaction and minimize business disruptions.
Renegotiation on a set term gives both parties the ability to adjust service levels to align with evolving business needs.
These steps can keep the customer experience top of mind and allow for continual improvements in service delivery while ensuring that non-disclosure agreements are always up to date.
Lease and property agreements
Contract renewals built into leasing agreements allow landlords to forecast income and adjust rent to align with market trends.
Set renewals also ensure that tenants avoid disruptions due to expired contracts and can use the opportunity to address maintenance concerns, update legal clauses, or renegotiate terms.
Learn how contract renewals empower your business relationships
Don’t let your contracts slip through the cracks
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Frequently asked questions
How does PandaDoc differ from other contract renewal software options?
PandaDoc combines your contract repository with the functionality of an onboard editor, allowing you to consolidate your entire CLM process into one platform.
This is different from other contract renewal services, where different aspects of the contract management process are handled by separate tools.
With PandaDoc, teams can set notifications for contract renewal dates and use renewal opportunities to reheat relationships and review contract performance all without ever leaving the platform.
What do I need to renew a contract with PandaDoc?
The PandaDoc renewal process is similar to the standard contract lifecycle management process in PandaDoc.
However, rather than creating a document entirely from scratch, you can review the contractual obligations in the previous contract agreement, duplicate any existing documentation, and use PandaDoc editing tools to negotiate renewal terms.
When the deal is done, add an e-signature and transform your contract draft into a legally binding agreement.
What’s the difference between an evergreen contract and an auto-renewal contract?
These terms are sometimes used interchangeably, but they’re slightly different.
Evergreen contracts renew on an indefinite basis until one party opts for contract termination or wants to create a new agreement. This type of contract sometimes requires advanced notice for termination. Example: A monthly subscription to a streaming service.
Auto-renewal contracts have a defined contract period with a set expiration date and termination window. These contracts renew automatically unless canceled within a specific window of time. Example: A one-year spa membership that renews automatically for another year unless terminated within a specific timeframe.
Are PandaDoc contracts automatically renewed?
No. While it’s possible to automate reminders in PandaDoc, automatic contract renewals aren’t possible.
Both parties will need to engage in a contract review process, agree on the new terms of the contract, and sign off on those renewal provisions.
While this is more of a manual process, this approach allows both parties to find favorable terms while negotiating a contract extension.