Renewal options - example 3
Case: contract with an end date (specified duration). The duration of the contract is five years. After five years, there is a choice to renew the contract with 5+5 years or 2+2+2+2+2 years.
Diagram of a contract with an end date and a renewal for two or five yearsDiagram of a contract with an end date and a renewal for two or five years
Since the organization can choose after five years which renewal option they want to use, it is possible to add both renewal ‘methods’ to the contract. In Planon, it is mandatory to populate either the Priority field or the field Valid up to and including. In that respect, it is important to leave the status of the option In preparation. Once the organization has decided which options they will use, those options can be set to Active. The options that are not used, have to be assigned the Canceled status.
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For information on applying the option and viewing the results on the Contracts selection level, see Renewal options - example 1.