The Fixed Term Type is used for your traditional Contracts that have a clearly defined Start and End Date, with no auto-renewing during the term of the Contract.
Entry of a Fixed Term Type is easy. All you need to do is enter the Start Date (A) of the Contract, then the Duration (B) will automatically fill in 1 Year and auto-calculate the End Date (C) for you. Badges will appear to the right of the Terms Box that are visible in all areas of the Contract Container.
You can either adjust the Duration to the length of the Contract, which will update the End Date accordingly, or manually enter the End Date of your choosing, and the Duration will auto-calculate for you as well.
At this time, nothing will happen once the End Date is reached. Milestone Reminders, if configured, will be sent out prior to the End Date, but the Contract will simply Expire or Renew based on the Terms of the Contract.
FIXED | Notify By
On all Fixed Term Types, you have the option to add in additional Notify By (D) time, if the terms of the Contract require them. Enabling this option will allow you to enter how much notice needs to be given per the terms of the Contract, and it will create a Notify By Date in the badges to the right. This date is able to be reported on using Views.
This option should only be used if there is specific writing in the terms of the Contract that state additional notice, usually in writing, is required a certain number of days prior to an End/Renewal Date.
Automatic Milestones will send you custom system notifications based on your Organizations preferences, so you do NOT need to use this to be notified, ONLY if you need additional notice per the terms of the Contract. Enabling this option will mean your systems Milestone Reminder will be sent based on the Notify By Date, to ensure you have all the necessary time to review your Contract (if the Logic Based Milestone Feature is being Used).
The None Term Type is used for any type of Contract or Document that truly has no Terms to it at all, not even Reviews, but you still want to enter and track a date on which it became effective.
You can enter a Start Date (A), which will also appear to the right of the Terms Box, and be visible in all areas of the Contract Container.
In most cases, no Milestones will be sent on a None Term Type since there are no End/Review/Renewal Dates.