Examples of using termination options
The examples in this section describe several possibilities for registering and using termination options. All combinations of the listed examples are permitted. Termination options can be used for two reasons:
• To terminate a contract
• For contracts with a recurring termination option, automatic processing of the termination option ensures that the contract and contract options always display the next possible end dates (next end date) and the next possible notice date (next notice date) for both the offering and the accepting party. These dates are displayed on the Contracts selection level.
To calculate the Next end date or the Next notice date, a recurring termination option is required. To display the latest dates on the Contracts level you can use the Recalculate notice dates action or use Alerts to check options on a scheduled base. With this action the contract will NOT be terminated. Only the fields Next end date and Next notice date will be updated.
If you want to terminate the contract you can apply a termination option or use the Terminated status on the Contracts selection level.