Contract termination


Last Update a year ago

With Trakti you can set the contract termination policy right from (and only in) the contract modellation phase. Lets see how.

First of all, you have to be creating a contract model. 

Contract termination can be set only for contract models.

Click on Advanced settings.

Here you can see all the advanced setting you can tweak for your contract model.

Now you can choose the contract resolution policy. Trakti offers four different options:

  • Notice-based: In the case of notice-based cancellation, the owner/participant/both can terminate the contract by providing a notice period. During the modeling phase, the user defines who can initiate the process (owner, participant, both) and maps an integer variable to define the notice period.
  • Anytime before renewal: For renewable contracts, the user defines who can initiate the resolution in the contract template.
  • Automatic acceptance-based: The user defines who can initiate the process and maps an integer variable that will define the response time before automatic acceptance during the contract modelling phase. In the detailed contract view, the user can initiate the process with a note/attachment and a date.
  • Manual acceptance-based: In this case, the contract is terminated only if the other party accepts.
  • If no termination option is selected, the "manual acceptance-based" policy is enabled by default.

If no termination policy is defined in the modelling phase, “Manual acceptance based” policy will be enabled by default for the contract.

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