IT and procurement teams use Torii to manage renewals.
If you have all your contracts in Torii and a renewal notification already set up, you can rest assured you'll never be caught unprepared for a renewal.
But how do you manage renewals for multi-year contracts?
There are two methods to add contracts to Torii:
- Add a single contract that covers the entire contract span (from year to year)
- Adding & linking separate contracts - separate contracts for each year.
Below you will find the pro and cons of each method:
Adding a single contract for the entire period
- To upload a single contract go to the Renewal tab and click on the "Add contract" tab
- Enter the initial details like the Contract name, Status, Application type, and Start and End date.
- Though Torii has a wide range of field types assisting you in adding contract information, you can also add your own by clicking on +Add Field".
- Click on the edit icon to add information to the field
- Keep scrolling down to discover additional fields you can use under categories like Owner, Certification info, NDA, and more.
- Click Save when done.
- The contract along with all contracts added to Torii, will be available under Renewals >> Contract tab
Adding & linking separate contracts
Here, you need to add each contract separately (contract per year) and link the contracts to each other.
How to link contracts
- Add contract 1
Note, we recommend populating as many details as possible about the contract in the Add Contract window.
- Duplicate contract 1 by hovering over it and clicking the duplicate icon
- In the Add Contract window, update the duplicated contract (contract 2) name
Update the Start and End dates and any additional details
- Create a link from contract 2 to contract 1 by selecting contract 1 from the "Previous Contracts" dropdown.
In this dropdown, you will see all contracts whose End Date falls BEFORE the Start Date of the contract you are adding or editing.
Example: When editing an Asana contract whose start date is Dec 12 2023 only contracts with an end date of Dec 11th, 2023, or prior will appear in the Previous Contracts dropdown.
- Once linking contract 2 to the Previous Contract (Contract 1)
Contract 1 will automatically set contract 2 as the Next Contract
- Make sure to add the Next Contract & Previous Contract views to your contract table
Renewal notifications for multi-year contracts
There are two notification types for contracts.
- Torii out-of-the-box notification
- Workflow notification
Torii out-of-the-box notification
- From your user, select Notification settings
- Notification Settings is displayed
- The default notification will send an email to the Torii admin 2 months, 1 month, 2 weeks, and 1 week before the contract end date
- When creating multi-year contracts, the Upcoming renewal notifications will not be sent for contracts that have a "Next contract" in place - Meaning the notice will be sent only to the last contract
- The Upcoming renewal notification can be manually disabled
You can create a workflow that notifies you and the app owner when a contract is about to end.
- From the Workflow tab, click on Start from scratch
- Select Contract meets criteria
In Criteria setup >> TRIGGER SETUP, set your triggers to
Status > Active
End date > days from
- If you don't want to receive a notification email for the first year to which you defined "Next Contract," add a filter with Next contract >> is not set
- Click Next
Click the + button to select an action. In this example Send email
Select the Send email action
- Add the email details
Set the workflow to Active