What is renewal term in SAP SAP-LEGAL - Global Field Legal?

SAP Term: renewal term

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: The term of the agreement that follows the initial term or any renewal term. Example, for an Agreement with a 1-year term, Initial Term = 1 year, Renewal Term #1 = 1 year, Renewal Term #2 = 1 year.

Smart SAP Assistant

• Key Concepts: 
  Renewal term is a term used in SAP-LEGAL Global Field Legal Content that refers to the period of time during which a contract is renewed. This period of time is typically specified in the contract and can range from one year to multiple years. 
  
  How to use it: 
  When creating a contract in SAP-LEGAL Global Field Legal Content, you will need to specify the renewal term. This will determine how long the contract will remain in effect before it needs to be renewed. You can also specify any additional conditions or requirements that must be met in order for the contract to be renewed. 
  
  Tips & Tricks: 
  When specifying the renewal term, it is important to consider the length of time that is necessary for both parties to fulfill their obligations under the contract. It is also important to consider any external factors that may affect the renewal of the contract, such as changes in laws or regulations. 
  
  Related Information: 
  For more information on SAP-LEGAL Global Field Legal Content, please refer to the official SAP documentation. Additionally, you can find more information on contract renewal terms and other legal topics on websites such as LawDepot and Nolo.