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Why do you need a contract tracking template?

There are numerous factors that may contribute to clients choosing not to renew service agreements and business contracts once they have expired.

Some of the most frequently encountered reasons include postponed follow-up, offers from competing entities, price escalations, dissatisfaction with the provided services, and more.

This is an effective excel contract tracking template to keep a track of all your service contracts:

1. Active contracts – count and value
2. Contracts due for renewal – count and value
3. Contracts not renewed or terminated – count and value

The renewal date is highlighted in ‘Yellow’ if the due date for renewal is within the next 7 days. The renewal date is highlighted in ‘Red’ if you have missed to renew the contract on time.

These are easy visual reminders. The dashboard helps you review the overall summary and product wise report.

The visual reminders in the contract renewal tracking spreadsheet serve as effective tools for quick reference. Utilizing the dashboard, you can conveniently assess the comprehensive summary and detailed reports for each client contract. This feature allows for a comprehensive overview of all aspects, ensuring a more thorough analysis of the data at hand.

Feel free to contact for any customizations.

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Video Demo: Contract Tracking Template

How to Use This Excel Contract Tracking Template

This Excel Contract Tracking Template (also known as the Service Contract Management Template) is a powerful tool designed for any business or freelancer managing time-bound or annual contracts with clients. It helps ensure you never miss a renewal and maintain full visibility over your contract portfolio.

Here’s how to effectively use this template:

1. Understand the Dashboard View:

The dashboard provides a quick, visual summary of your contract status:

• Active Contracts: See the current number and total value of all active contracts.
• Contracts Due for Renewal: Instantly identify contracts that have passed their renewal date or are nearing expiry, along with their cumulative value. This is crucial for timely action.
• Terminated Contracts: Track contracts that were not renewed, helping you understand lost opportunities.
• Renewal Status Table: Monitor the stages of your renewal processes—whether initiated, negotiating, renewed, or terminated.
• Product/Service Segment Overview: If you offer multiple products or services, this section breaks down contracts by segment, showing active, due for renewal, and terminated contracts, as well as revenue contribution. This helps pinpoint areas for improvement or success.

2. Populate the Contract Tracker Sheet:

This is the core of the template where you input your contract details:

• Client Name: Enter the name of your client.
• Contract Owner: Assign an internal team member responsible for managing that client relationship.
• Product/Service: Select the specific product or service associated with the contract (especially useful if you have multiple offerings).
• Start Date: Input the initial start date of the contract. After each renewal, update this with the latest renewal date.
• Term: Specify the duration of the contract in terms of months, days, or years.
• Value: Enter the numerical value for the contract term (e.g., “12” if it’s 12 months, or “1” if it’s 1 year).

3. Monitor Expiry and Renewal Status Alerts:

Based on the “Start Date,” “Term,” and “Value” you enter, the template automatically calculates the Expiry Date. It also provides visual alerts for renewal status:

• Red Alert (“Renewal is Due”): Appears when the current date surpasses the contract’s expiry date, indicating an overdue renewal.
• Yellow Alert (Soft Indicator): Displays when the contract is set to expire within the next seven days, prompting you to initiate action promptly.

4. Track Renewal Stages and Add Key Information:

• Contract Value: Input the total value of the contract.
• Contact Person, Phone Number, Email: Keep essential client contact details readily accessible.
• Renewal Stage: Use the dropdown menu to update the contract’s current renewal status (e.g., “Initiated Process,” “Negotiating,” “Contract Terminated,” “Contract Renewed,” or “Other” for situations like “on hold”).

5. Customize for Your Business:

The template is designed to be flexible:

• Add/Remove Columns: Easily add more columns if you need to track additional metrics.
• Product List & Renewal Status Dropdowns: Modify the predefined lists for your products and renewal stages in the “Drop Down Section” sheet. If you have more or fewer items than the default, you can adjust the named ranges (via “Formulas” -> “Name Manager”) to fit your needs.
• Formulas: While no macros are used, you can unprotect the sheet (Review -> Unprotect Sheet) to modify existing formulas or add new ones, then re-protect it.

By consistently updating and reviewing this Excel contract tracking template, you’ll gain invaluable insights into your contract lifecycle, reduce the risk of missed renewals, and improve overall client relationship management.

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The benefits of using a contract renewal tracking spreadsheet?

The Excel contract tracking template is a valuable tool for businesses to keep track of all client contracts and ensure timely follow-ups and renewals.

With this spreadsheet, you can easily input and organize contract details such as client name, contract start and end dates, renewal dates, and any important notes or reminders.

The spreadsheet also includes visual alerts and notifications to remind you of upcoming contract renewals, ensuring that no contracts are overlooked or forgotten.

By using this contract tracker, you can effectively manage your client contracts and maintain strong relationships with your clients by ensuring that their contracts are renewed on time.