How to run an efficient contract renewal process.

Learn how to save time, money, and a mountain of paperwork by establishing a system to manage your small business’s contract repository.

A business owner reviewing a contract on a tablet while performing some other accounting tasks

What is contract renewal?

 

They say, “All good things must come to an end,” but when it comes to contracts, they don’t have to. Any good contract between two stakeholders includes a renewal date. It’s an opportunity for both parties to negotiate a new contract, continue under the existing contract’s terms, or part ways altogether.

 

The work isn’t glamorous — but a good contract renewal process can save you money and keep your business running smoothly.

 

 

Establish an effective contract management workflow.

 

Many small businesses maintain a contract management system to keep track of their various employment, vendor, and procurement contracts and stay on top of the renewal process for each one. Every business is different, but an effective system includes:

 

 

Communication

 

It’s important to communicate with your contractors throughout each contract’s lifespan to be sure that both parties are satisfied with the terms of the current contract.

A business owner and their employee working collaboratively on a task

Organization

 

Use a spreadsheet or contract management software to track the renewal dates for all of your contracts. 

 

 

Contract review

 

When you’re nearing the end date of a contract period, conduct a review process to see if the terms of the contract are still favorable for you and your business.

 

 

Renewal opportunities

 

If your contract review identifies unfavorable terms in your current contract, flag them for discussion with your team and bring them up with the contractor when you negotiate the contract’s renewal. 

 

 

The benefits of auto-renewal. 

 

If the terms of the original contract you signed are consistently agreeable for you and your contractor, it may be in your best interest to set up an automatic renewal process. Automatically renewing your contract at the end of each term saves you time and paperwork, makes it easier to forecast your business’s future sales, and can lock in favorable pricing for goods and services over the long term.

Examples of reviewing and signing a contract on different devices using Adobe Sign

Simplify your contract management process with Adobe Sign.

 

Adobe Sign has a powerful selection of functionalities to digitize every aspect of your contract workflow, from drafting and reviewing to gathering electronic signatures. Your contract recipients can pull up and sign your contracts on any device, even if they don’t have an Adobe account.

 

 

Work together, even when you’re apart.

 

You and your team can trade documents, add comments, and insert or request e-signatures instantly, no matter what city or time zone everyone is in. When it’s time to share your documents with clients, Adobe Sign gives you real-time updates on their status.

 

 

Create and edit contracts.

 

Change the contract dates, add new signatories, modify the terms from a previous contract, or make any other alterations that come up during contract review. Adobe Sign makes it easy to create and edit PDF documents, and even make your own contract templates to save time.

 

 

Track renewal windows.

 

Adobe Sign monitors the lifespan of every contract and can let you know when you’ve entered a renewal window for one of them, so you never miss an opportunity to renegotiate.

 

 

Share securely.

 

When your contract is ready to sign, send it out for signatures directly from Adobe Sign. You can password-protect your PDFs and control the permissions for anyone who can read, edit, or print them, to keep all of your data secure. 

 

With streamlined workflows and user-friendly functionality, Adobe Sign has powerful features that take the pain out of contract renewal management and lets you focus on running your business. 

 

Get started with Adobe Sign

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