Shortening options - example 1
Case: contract start date is 1/1/2015; the contract has a duration of five years. The contract is active. You want to shorten the contract by two years.
The following settings are used:
Contract
Field
Field value
Start date contract
1/1/2015
Duration
5 years
Notice term
3 months
Proposed expiration date
31/12/2019
Shortening option
Field
Field value
Description
Shortening with 2 years
Ultimate notification date
31/12/2017
Brought backward contract end date
31/12/2017
Applying the shortening option
Set the status of the option to Applied. The Proposed termination date field will be populated with the same date as the Brought forward contract end date (31/12/2017). The contract status is still Active.