Rental Contract Renewals

Contract renewal works differently for pay-on-open contracts and for on-account contracts

Pay On Open Contracts:

1. At the end of each day, all open contracts that have reached their end of promised/expected rental duration (return_at date) are fetched

2. For all the assets that are still dispatched in these open contracts

   1. A new rental contract is created that inherits the rental duration from the current open contract

   2. The current open contract is closed

On Account Contracts:

For on account contracts, two settings are stored against the organization:

• initial_quote_renewal_days : This is the rental duration that will be used for the first renewed contract.

• additional_quote_renewal_advance : This is the rental duration that will be used for any contract renewals beyond the first contract renewal.

First Time Renewals

1. All open contracts that have been active since initial_quote_renewal_days are fetched

2. For all the assets that are still dispatched in these open contracts

   1. A new rental contract is created with rental duration equal to initial_quote_renewal_days

   2. The current open contract is closed & invoiced

Additional Renewals

1. All open contracts that have been active since additional_quote_renewal_days - additional_quote_renewal_advance are fetched

2. For all the assets that are still dispatched in these open contracts

   1. A new rental contract with the rental duration equal to additional_quote_renewal_days

   2. The current open contract is closed & invoiced