Looking for some advice or recommendations on practices related to some unique issues we have with expiration dates for certain document types in Ironclad.
Documents connected to an agreement that do not per se have their own expiration date or their expiration date is depending on the expiration date of the underlying agreement. This is especially an issue we have with our imported records.
- Amendments (e.g. administrative updates, etc.) that do not have an expiration date of their own and did not modify the term of the underlying agreement. They essentially remain in effect for as long as the underlying agreement is active, but are not evergreen as such, as the underlying agreement is not necessarily evergreen.
- Similarly, we have attachment records (e.g. schedules, exhibits, etc.) that we imported from our prior CLM . Ironclad treats them as separate records when really, they are just parts of the underlying agreement and do not have their own expiration dates but again would have the same end date as the underlying agreement.
- Next, we have some SOWs and Sub Agreements where their term is specifically stated as being coterminous with the Master Agreement, again not necessarily evergreen, but their end date would organically extend with the underlying agreements expiration date.
- My final scenario is almost the inverse of 3 above. We have agreements that have fixed expiration dates but have T&Cs that allow for them to remain in effect for any active SOWs. So, a Master Agreement could expire, which means we couldn’t do any new SOW under it, but its T&Cs would continue to be in effect for any open SOWs. Ironclad would correctly recognize the Master Agreement as expired based on the expiration date, but it would be inaccurate to say they are inactive. The concern is if we ran a query on say “active contracts with X clauses" they would not show up as they are technically expired.
Has anyone else had to deal with similar situations and if so, how do you manage within Ironclad?
