Contract termination

With Trakti, you can define the contract termination policy from the very beginning during the contract modelling phase, or alternatively you can edit the lifecycle and, consequently, the termination set-up of an imported contract.

Here you can se the set up of termination in modelling phase.

Click on Advanced settings.

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

In the Termination tab, you can enable and configure the termination options for your contract.

Types of Contract Termination

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

• Before renewal
  Allows you to prevent the automatic renewal of the contract by giving notice within a predefined period before the expiry date.

• Mutual agreement
  The parties jointly decide to terminate the contract, agreeing together on the timing and terms of the termination.

• Due to event
  The contract is automatically terminated upon the occurrence of a specific predefined event (for example, achieving a target or the fulfilment of a defined condition).

• Due to breach
  Allows termination of the contract when one party fails to fulfil its contractual obligations, in accordance with the agreed terms. A “cure period” may be provided.

• By notice
  Allows one party to unilaterally terminate the contract, even in the absence of a breach, subject to any notice periods or agreed conditions.

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