The Rolling Term Type is used for Contracts that have a Start Date, but no clearly defined End Date, that you may also want to receive Review reminders for. These are sometimes referred to as Evergreen Contracts. If you ever go to set a Rolling Term, and find you do not have all the options available for entry that you need, you may need to use a Recurring Term instead.
To set a Rolling Term Type without a Review date, simply enter the Start Date (A), which will also appear to the right of the Terms Box as badges that are visible in all areas of the Contract Container.
In most cases, no Milestones will be sent on a Rolling Term Type that does not have Review Date enabled, since there are no Review Dates to send out a reminder on.
ROLLING | Review Date
On all Rolling Term Types, you can enable an optional Review Date, which will auto-update to the next Review Date once the previous has passed.
By enabling Review Date (B), you can set when you want to complete your first Review, and then set how often you want to be reminded based on that date using Review Recurrence (C).
In the example above, we will complete our first Review by 1/1/2022, and the next day, 1/2/2022, the date will automatically update to 1/1/2023 based on the Recurrence setting of 1 Year. If the Recurrence was set to 2 Years instead, then the date would auto-update to 1/1/2024 when the first Review Date has passed.
Milestones will be sent out for each Review based on your Organizations settings, and each time a new Review Date is created, a new set of Milestone Reminders will be created for the new date.
ROLLING | Setting Review Date
We have found that in most cases, Rolling Term Types will have their Review Dates based on the anniversary of the Start Date.
However, if you need to review certain Contracts by a specific time, like say all Services Agreements for a University must be reviewed by June 30th every year, then you can manually enter when your first Review Date is, and then set your Review Recurrence, which will be based on your Review Date.
So, in the example below, even though there are only 7 months between our Start and first Review Date, once 6/30/2021 has passed, the next Review Date will be 6/30/2022, because our Recurrence is 1 Year (C), and that entry will always be based on the Review Date, not the Start Date.