Zero Missed Renewals: A Playbook for Vendor Contracts

Missed contract renewals cost organizations millions annually—whether through unfavorable auto-renewals, emergency renegotiations, or lapsed services. A predictable renewal workflow eliminates these costly surprises.

Why Renewals Get Missed

Common renewal failure patterns:

• Contracts stored in personal folders or email
• No systematic tracking of renewal dates
• Unclear ownership of renewal responsibilities
• Notice periods buried in contract language

Building a Predictable Renewal Workflow

A robust renewal workflow includes:

1. Centralized Repository: All contracts in one searchable system
2. Automated Alerts: 90/60/30-day notices to stakeholders
3. Clear Ownership: Assigned renewal owners with escalation paths
4. Decision Framework: Criteria for renew, renegotiate, or terminate
5. Compliance Tracking: Ensure vendor compliance before renewal

With this workflow in place, renewals become strategic opportunities rather than administrative emergencies.