Renew Binding Period

Owned by Persia Xenopoulou (Deactivated)
Last updated: Nov 30, 2016
2 min read

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Table of Contents

When to use Renew Binding Period

Use the Renew Binding Period Classification to renew an expired contract by setting the Binding End Date to the new date on which the contract should expire.

View the Information Table below for information related to the Scheduling, Preview Rating and Classification of the Subscription Action. Check the Validations & Restrictions Table for a list of available Actions, including each Action's related validations, restrictions, additional information and a description of its system process.
View 'Using the Subscription Action Modal' available in Managing Subscriptions for more information on executing the Action.

RENEW BINDING PERIOD

Subscription Action Information

Action can be scheduledPreview Rate AvailableBehavior CodeBusiness Classification Code
(tick)(error)AMENDBILLINGTERMSRENEWEDBINDINGPERIODTERMS

 

Restrictions & Validations

ActionValidationsRestrictionsAdditional InformationSystem Processing
Renew Binding Period
  • The Action is not allowed if another scheduled Amend Billing Terms Action exists. You will be allowed to schedule the renewing of the Binding Period only after the scheduled Action.
  • The Action is available only if the Subscription is in one of the following Life Cycle States:
    • Draft
    • Effective
    • Not Effective
    • In Resting
  • Agreement Date: Regardless of the Agreement Date, the Binding Start will be set to the date of the execution. The Agreement Date only defines the date on which the contract was signed. 
  • A new Billing Term instance which replicates the previous one and has identical binding terms is created and activated.
  • The Binding Start date is set to the date of execution and the Binding End date is set equal to the Binding Start date plus the Binding Period.
  • The existing Billing Term is replaced and set to 'Inactive'.

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