Hey everyone,
Longtime reader, first time poster.
I'm currently trying to find a best practice to keep track of renewal dates and more importantly, last notice dates before automatic renewal), both for our own customer agreements generated through Ironclad, and even more importantly, for our vendor agreements, whether just imported into the repository once signed, or managed through a workflow.
For our own customer agreements I currently have a formula calculating last day to give notice as follows:
RelativeDate(Expiry Date Initial Period,Subtract(0,Notice Period - Initial), "months")
Where "Expiry Date Initial Period" is as follows:
(RelativeDate(Effective Date,Add(Initial Period Length), "months"))).
- The above feel sa bit clunky to me - is there any better way to achieve the same result?
- As you can see, this only solves for the first upcoming renewal, but as the renewal period can be a different length than the initial term, I assume that I need to have a separate formula to calculate the last day to give notice for the first renewal period. This still leaves me wondering if/how I can get the third, fourth etc last notice date.
- For vendor agreements, it is easy enough to manually add that last notice date e.g. when importing. But I'm wondering if there's any way I can have IC automatically calculate the last notice date based on effective date, length of term, and length of notice period.
- And as above, whether I do it manually or can automate it somehow, how do I keep "last date to give notice" updated each year. Does that need to be manual as well, or can it "reset" somehow with an additional 12 months?
Any best practices or tips greatly appreciated.
Emil
