How to Modify Contracts Coming Up for Renewal

You might want to modify contracts coming up for renewal for a variety of reasons. For example, you might want to propose different terms and renegotiate. Or you might need to make a correction to one of the terms before renewing.

With a contract management software tool, it’s easy to modify contracts coming up for renewal. Then you can send them out for legally binding e-signatures — all in one place, without any need for file attachments.

Here’s how to modify contracts coming up for renewal in your contract management system.

How to check which contracts are coming up for renewal

A contract management tool makes it easy to check which of your contracts are coming up for renewal. For example, Concord lets you automate contract deadline reminders, so you’ll get a weekly email summarizing all the contract renewals in the next 180 days (or any time period you specify).

Here’s how to turn on automated contract deadline reminders.

1. Under ⚙ Settings, click Notifications in the left-hand panel.
2. Look for the Deadline reminders section.
3. Click the toggle under “Receive weekly deadline reminders by email.”
4. Specify how many days in advance you’d like to receive automated reminders.

How to view, sort and filter contracts by deadline

On the Deadlines tab in Concord, you’ll see a report of all contracts with upcoming deadlines. You can filter this deadline report by using the Filters to view documents based on their deadline dates, as follows:

• All: All deadlines
• Upcoming: Deadlines in the future
• Past: Deadlines that have already occurred
• Unknown: Deadline information is unknown

Alternately, you can filter by deadline type:

• Lifecycle: Lifecycle dates, such as an end date or renewal date
• Financial conditions: Financial conditions of clauses
• Main clause: Date-based conditions of clause

How to modify contracts coming up for renewal

Once you’ve identified contracts that’ll soon be up for renewal, you can edit them right inside Concord. The built-in online editor includes much of the same functionality as Microsoft Word or Google Docs, and can edit Word documents and PDFs in real time.

Here’s how to edit a document in Concord.

1. Create a new document or navigate to an existing document you’d like to edit.
2. From the document toolbar, select Edit.
3. Revise the document, make changes, or add attachments.
4. Once your changes are complete, click Save at the top-right corner of the document to create a new version.

How to export a document to edit in Microsoft Word

• Download the document as a Microsoft Word file using the Export option from the top menu.
• Once you’ve downloaded your file, open it in Microsoft Word to make your edits, then save the document.
• When you’re ready to bring the document back into Concord, select File, then Import Word Document from the top menu. You can also drag and drop the file directly into Concord. 

How to make edits and track changes to contracts

Concord also makes it easy to work inside live contract docs with your team. You can invite colleagues to join you with just a click — then Comment, discuss and collaborate directly inside Concord documents. 

Here’s how to make edits and track changes in Concord.

• Open the document from your documents page and select Edit.
• Click Revisions from the top toolbar.
• Click the toggle button beside Track Changes (blue indicates it is active)
• Make your revisions (If there are multiple revisions with multiple parties, each party’s revisions will be color-coded)
• Click Save
• To accept or reject a single change:
  • Hover over the change icon (in the right-hand margin)
  • Click the blue checkmark to accept or the X reject
  • All edits will remain visible on the right-hand side of the document until they have been resolved
• To accept or reject all changes at once:
  • Click Revisions 
  • Select Accept all changes or Reject all changes.
  • Until all changes are accepted or rejected, the signature button will be locked, and you will see a message indicating this is due to the remaining track changes that need to be addressed.

How to request an e-signature on a modified contract

When you request a signature, Concord will email the signer a link to a contract, letting them know you’ve asked them to sign — and showing them how to create an electronic signature.

Here’s how to request a signature on a modified contract.

1. Make sure you’ve got the contract set up the way you want it to look. Close out any tracked changes, and drag-and-drop a signature field to spot where you’d like it to be signed. Specify one or more emails for signers whose e-signature you’d like to collect.
2. In the Signer Panel, click “Request Signature” under the signer’s name/email address. Or from the left-hand side of the document, under Signatures, click “Request.”’

Once you’ve requested a signature, the signer(s) will receive an email notification, and can sign the document immediately, simply by clicking the signature field. You’ll be notified in real time when e-signatures are complete, and your contract is finalized.

And that’s all there is to it! With Concord, you can modify contracts coming up for renewal, negotiate tracked changes, and collect signatures in real time — cutting your renewal turnaround times from days to mere hours.

Modify contracts coming up for renewal, with Concord.

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