The project summary sheet lets you enter and track all the important information. What's more, it frees your mind completely from tracking the numerous renewals and notice periods!
🤔 How does renewal work in Tomorro?
In Tomorro, renewal is based on 4 specific custom fields: the initial end date, the renewal type, the renewal duration, and the next renewal date.
1. Initiale end date
The initial end date lets you enter the first deadline for your project, the end of the very first contractual period.
ℹ️ For example, for a contract initially signed for a period of 1 year, from January 1 to December 31, then tacitly renewed for periods of 3 months, the initial end date will be December 31.
2. Renewal type
The renewal type field simply lets you specify whether the contract is renewable or not. Two values are possible: None, and Tacit.
"None" means that no renewal is stipulated. In the case of a fixed-term contract, the contract will simply end on its initial scheduled end date.
"Tacit" means that tacit renewal is stipulated. Once the contract has reached its initial end date, or at the end of one of the renewal periods, it will be tacitly renewed, unless you act to the contrary, for a certain period.
3. Renewal duration
It is important to know that a contract can be tacitly renewed, but you also need to know the duration. This is precisely the purpose of this custom field.
Once the contract has reached its initial end date, it will be automatically renewed for a period equal to the value of this field.
ℹ️ A contract initially ending on December 31, with tacit renewal and a 3-month renewal period, will be automatically renewed until March 31 of the following year, then until June 30, and so on.
4. Next renewal date
Once the previous information has been meticulously filled in, this special "Next renewal date" field can be used. It is automatically calculated according to the current date and contract data, and you cannot manually alter its value.
In the above example of a contract initially ending on December 31, with tacit renewal and a 3-month renewal period:
ℹ️ If the current date is before December 31, then the next renewal date is December 31. Once the initial period has ended, it will automatically become March 31, the end of the first renewal period. Once March 31 has passed, it will be automatically calculated again on the following June 30, and so on.
🔁 How do I use renewal fields?
These fields are invaluable, as they enable you to ensure that your contracts are properly monitored, thanks to the use of conditions or intelligent reminders.
1. In conditions
The "Renewal type" and "Renewal duration" fields are perfect candidates for creating an efficient, dynamic contract template.
Depending on whether a project is tacitly renewed or not, you may wish to display it dynamically in your Tomorro editor, add a more or less protective clause via a conditional display paragraph, automatically file it in a different folder within your contract library, or go through a special approval process before any signature request.
You can then create a paragraph summarizing contract renewal information, if and only if the contract is tacitly renewable, including the renewal period.
2. In reminders
As we shall see, reminders are a very powerful use of reconduction fields.
In particular, you could create a reminder to be notified 1 month before each renewal date. In the above example of a contract initially ending on December 31, with tacit renewal and a 3-month renewal period, you would thus have a first reminder on November 30, 1 month before the initial end date, then a reminder on February 28, 1 month before the next renewal date.
⏰ What reminders are triggered by renewals?
On Tomorro, all projects have a default reminder, whether created from a template, without a template, or even imported.
It's set up in such a way that you'll never be caught unprepared, as long as the information on each project is properly filled in! It is automatically triggered one month before the initial end date or, if applicable, the renewal date. What's more, if the project includes a notice period, the reminder adapts and is triggered 1 month before the start of the notice period.
🤫 This first "Initial or renewal end date" field is nicknamed the "Magic Field".
Again using the example of a contract initially ending on December 31, with tacit renewal and a 3-month renewal period:
If the renewal information is correctly filled in, you will automatically receive a reminder at each renewal deadline, first on November 30, then on February 28, May 31, and so on.
🚀 If the contract stipulates a notice period for terminating tacit renewal, then this reminder adapts, giving you 1 month's notice before the start of this notice period, so that you're never surprised by a renewal that would have arrived, perhaps, a little too quickly.
ℹ️ For a 14-day notice period, for example, the first reminder will be triggered on November 16, 1 month before the notice period, and 1 month and 14 days before the next renewal date. 🚀