Create contract terms

Set reusable contract duration and renewal behavior before creating contracts.

Contract terms define the standard duration and renewal behavior of a contract.

They are also called schemes.

Create them first, then select them when you create the contract.

Use terms to match the agreement you sold to the customer.

1

Open contract term settings

Go to Settings.

Search for Contract terms.

2

Add a new term set

Click Add.

3

Fill in the main fields

Complete these fields:

• Code
• Name
• Description
• Extension
• Contract period
• Period
• Renewal period

4

Review the optional fields

Use the notice-period and invoice-period fields if your process relies on them.

5

Save the term set

Click Save.

The term set is now available when you create a contract.

What the main fields do

Code

Use a unique code for each term.

Name

This is the name users select while creating a contract.

Description

Use this for internal notes or documentation.

Extension

Choose whether renewal is Manual or Automatic.

Contract period and Period

These fields define the initial contract duration.

They also help calculate the end date.

Notice period before cancellation

This field is not active yet.

Renewal period

This defines the duration of a renewed or restarted contract.

Notice period after renewal

This field is not active yet.

Invoice period

This field is not active yet.

Recurring invoicing does not run from contract terms.

Frequently asked questions

Can I create multiple contract terms?

Yes.

Use different term sets for different agreement lengths or customer groups.

What happens when extension is automatic?

OutSmart can create a new contract when the current one ends.

Can I edit contract terms after using them?

Yes.

Check the impact before you change terms that active contracts use.

Related topics

• Create a contract
• Contracts