Legal contract lifecycle management sheet
- Days until the notice deadline
- 90
- Months remaining in the term
- 6
- Days remaining, at 30 a month
- 180
- Value to date
- $60,000
Nothing in these worksheets is a figure we found somewhere. Every number comes from the figures you enter and the arithmetic stated on the page: contracts over their average term is renewals a month, times the window and the annual value is the money renewing; term less months elapsed less the notice period is the days to the deadline. Days are counted at 30 a month. The defaults are a worked example of a common small register, not a recommendation and not a benchmark.
The figures above start from a worked example (90). Change any input and the answer updates as you type.
Download the Legal contract lifecycle management sheet worked example (CSV)
This is the single contract's sheet, and it does the arithmetic a contract summary is supposed to carry and usually stops short of. Give it the initial term in months, the months elapsed, the notice period in days, the annual value, the renewal term if it renews, the obligations it carries and how many are overdue. It returns the months and days remaining, the days until the notice deadline, the value to date, the remaining value in the term, the value of one renewal, the lifetime value if it renews once, and the share of obligations overdue. The place summaries go wrong is the deadline: they record the end date and not the notice date, and on the worked example that is the difference between 180 days and 90.
What remains in the term, in months and days
A 36 month term 30 months in has 6 months and 180 days remaining at 30 days a month. The end date is what every summary records; on its own it says nothing about when the company has to decide, which is the next figure.
The notice deadline, which is the date that matters
With a 90 day notice period the deadline is 90 days from today, half the time the end date suggests. A register that lists the end date and not the notice date tells the owner they have six months when they have three, and the contract renews on the day the summary said was still safe.
The money, to date, remaining and on renewal
$24,000 a year over 30 elapsed months is $60,000 to date and $12,000 left in the term; one twelve month renewal adds $24,000, so a contract that renews once is $96,000 over its life. Two of its eight obligations are overdue, 25%, which is the figure to raise with the owner this week.
Legal contract lifecycle management sheet: common questions
Why are days counted at 30 a month?
Because the sheet works from a term and months elapsed rather than calendar dates, so it can be filled from a summary without the contract open. The paid register keeps the actual dates and counts the exact days; for a forecast the 30 day month is close enough to act on.
What is the difference between remaining value and the value of a renewal?
Remaining value is what the company still pays in the current term: $12,000 over the last six months on the worked example. The renewal value is what one more term costs if the contract renews: $24,000 for a twelve month renewal at the same rate.
What counts as an obligation?
Anything the contract requires someone to do by a date: a deliverable, a report, a notice, an insurance certificate, an audit right exercised. Two overdue out of eight is 25%, which is a figure to raise with the owner rather than a note in a summary.
Clauselane Pro
Keeping the register
The worksheet gives you one window's deadlines and one contract's dates. Pro remembers them: the contracts, their obligations, the matters, the clauses, and the reminder that arrives before the notice deadline rather than after the renewal.
- Download the contract summary as a file you can send to the business
- Hand it over without the Clauselane watermark across it
- Come back to this contract's summary with the figures still in it
- Put your own logo on the summaries and reports the business sees
- Take every contract, obligation, matter and clause out at once, as a file
- Send a contract owner their notice deadline without leaving the register
- Not used by Clauselane: nothing here takes a payment from your counterparties
- Push the register's contract values across to the books as commitments
$49per month, whole team
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