The end of the year is coming - are you ready? As the end of the year approaches, companies should assess whether they have any existing contracts that are coming up for renewal. In the rush to get new deals done by December 31st, it is easy to overlook a review of current agreements.
Contracts typically have 30-day (or longer) notice provisions to terminate in advance of renewal dates, so it is important to review them to determine whether you have (1) contracts that will automatically renew that you no longer need, or (2) expiring fixed term contracts that you need to extend. NOW is the time to make this assessment, and to either issue timely termination notices, or amendments to extend contracts which are expiring.
As you do this assessment, if you don’t already have a contract management database, you may want to consider setting up at least a simple spreadsheet or other tracking method to note future renewal dates and termination notice provisions, especially for any agreements that may not be on a calendar year basis that you discover during your year end review.
