When Chris analyzed the contracts, he also had a look at contract terms. He learned that there can be contracts with, and without, fixed terms. He also knows how to maintain notices and renewals for contracts. Chris and Maria agree to have a call to discuss further reporting capabilities.
Select the play button to learn about reporting capabilities for contract terms, notices, and renewals in this informative video. Gain insights into theory and practical applications.
Contracts can be concluded with or without fixed terms. This means, that a contract can be concluded for a dedicated period of time with the possibility to extend the contract duration. Generally, this variant occurs in case of lease-in contracts. On the other hand, lease-out contracts almost always are concluded for an indefinite period of time. Therefore, contracts with and also without fixed terms have to be analyzed in the information system.
The "Information System: Term of Contracts" app considers both cases. The selection criteria for this app are similar to the contract information systems and the information system for contract conditions. In addition to company codes, contract numbers, contract types, and so forth, there are functions available to simulate notices and renewals. This special feature is also available within the information system for contract notices and within the information system for renewals.
This means, that the mentioned apps are not only "pure" lists, but they can also be used to maintain (e.g. simulate or activate) notices and renewals for several contracts. Using these functions, it is not necessary to maintain notices and renewals individually for each single contract.
Select the play button to see how Chris explores the Contract and Lease Management Dashboard to get an overview of contract terms and durations. He learns about different contract statuses and enters the Terms of Contracts Information System app.
Select the play button to learn how to create graphical information about contracts and their durations using the Real Estate Contract Validity Report app. Discover the reporting capabilities and enhance your presentation.
Contracts without fixed terms can include different types of notice information.
There can be standard or individual notice procedures within a contract, including either period or deadline regulations. Period regulations are notices that can be given within a defined period (e.g. 3 or 6 months). Deadline regulations mean are notices that can be given at predefined dates (e.g. at the end of the quarter or year).
The "Information System: Notice on Contracts" app can be used to list contracts with or without notices, or even to list terminated contracts. For contracts with notices, both active and inactive notices are considered. Within the list one or more inactive notices can be selected. The activation of already active notices can also potentially be reversed.