Terms, obligations and renewals

Once an agreement is executed, its terms decide what happens next. Nothing drives a deadline until a person confirms it.

Confirm terms

On the Terms and obligations tab, Propose or correct a term: end date, effective date, auto-renewal, renewal term, notice period, governing law or payment terms, each with the Words from the signed clause (or a Signed PDF page when the version has no text). The owner, counsel or an approver confirms or rejects each one. Correcting a confirmed term keeps the earlier value in the history.

Obligations

Add an obligation with What must be done, the Responsible person, when it is Due and whether it Repeats (monthly, quarterly or annually). Once confirmed, its responsible person or a confirmer marks it done.

Notice deadlines

With a confirmed end date and notice period, the agreement appears under Renewals. Its notice deadline is the end date minus the notice period, at 23:59 in the agreement's time zone (Australia/Sydney unless you change it), daylight saving included. The queue is sorted by deadline, shows how many days are left, and marks Decide soon within 30 days.

Decide and give notice

1. Decision: the owner or an approver chooses Renew, Renegotiate or Terminate, with an internal note if useful.
2. Notice: anyone working the agreement can Draft a notice to the counterparty. The owner or an approver then chooses Approve for sending; whoever drafted it cannot approve it, unless they are the owner.
3. Send the notice yourself, then Record that it was sent: how (email, post, courier, by hand or a portal), when, and evidence such as the sent email or a receipt.

An approved notice reads Approved, not sent until you record the sending. Locket does not send email or notices on your behalf.