I have a question around auto-renewals and how to manage them in a given workspace.
If I have a contract is effective Jan 1, 2013 and has a 1 year initial term and automatically renews for 2 additional periods of 1 year I set up the term attributes this way:
Renewal Interval (in months) = 12
Maximum number of Renewals = 2
Remaining Renewals = auto-fill
Effective Date = 01/01/2013
Expiration Date = 12/31/2013
Is this correct? Will the system auto-renew, take one renewal on the list and continue the clock running. Do I need the expiration date?
Follow-up question, how are people managing catch-up entries (or legacy entries) for terms that may have already begun or the first term has already run its course?
Thanks.