Terminating a contract locks the record to prevent further editing, changes the status to Terminated, and populates the Termination Date field. When to use: Typically used when the contract needs to end before the Expiration date.
How to Terminate a Contract
Open the Contract record.
Select Termination from the
menu.Enter the termination date.
Enter notes about the termination in the Comments box.
Click OK.
A banner just below the menu bar informs users that “The record is locked”. No edits can be made to the record unless an authorized user unlocks it via the UNLOCK button in the menu bar.
The Status field changes to Terminated. The Stage and Status Tracking grid has a new entry indicating the record has been Terminated and Locked. The user who initiated the termination, the date and any comments that were entered appear in the grid.
The Termination Date field is filled in. A label in red indicates the contract is “Terminated” unless the Termination Date is in the future. In that case, the label reads “Terminates in x number of days” until the termination date arrives.