RenewalTerm

Defines that on graceful expiration of the agreement (when the agreement ends on its pre-defined end date), a new agreement will be created using the accepted terms on the existing agreement. In other words, the agreement will be renewed. Presence of RenewalTerm in the offer document means that auto-renewal is allowed. The acceptor will have the option to accept or decline auto-renewal at the offer acceptance/agreement creation. The acceptor can also change this flag from True to False or False to True, within the limits set by LockoutPeriod and MaxRenewals. Setting the flag to True doesn't by itself guarantee that the agreement renews, because the proposer can also opt out.

Note

In the following list, the required parameters are described first.

adjustmentDeadline

The date by which the proposer must finalize the price increase for the next renewal, measured back from the end date of the agreement. The duration is represented in the ISO 8601 format in whole days (for example, P30D for 30 days or P60D for 60 days).

This field applies only when PriceIncrease is a PercentageRange. The field is null when PriceIncrease is a FixedPercentage, because the price increase is already fixed and there is nothing for the proposer to finalize. If the proposer doesn't finalize a value by the adjustment deadline, the DefaultValue of the range applies.

AdjustmentDeadline must be greater than LockoutPeriod.

Type: String

Length Constraints: Minimum length of 3. Maximum length of 9.

Pattern: P([1-9]\d{0,6}D)

Required: No

configuration

Additional parameters specified by the acceptor while accepting the term.

Type: RenewalTermConfiguration object

Required: No

id

The unique identifier for the term.

Type: String

Length Constraints: Minimum length of 1. Maximum length of 256.

Pattern: [A-Za-z0-9+=;,.@\-_]+

Required: No

lockoutPeriod

The renewal decision deadline, measured back from the end date of the agreement. This is the last day either party can opt in to or opt out of the renewal. The duration is represented in the ISO 8601 format in whole days (for example, P30D for 30 days or P60D for 60 days).

The field is null when no renewal decision deadline is set. In that case, either party can change the auto-renewal decision up to the end date of the agreement.

Type: String

Length Constraints: Minimum length of 3. Maximum length of 9.

Pattern: P([1-9]\d{0,6}D)

Required: No

maxRenewals

The maximum number of times the agreement can be renewed. The field is null when the number of renewals is unlimited.

After the agreement reaches this limit, it expires on its end date instead of renewing.

Type: Integer

Valid Range: Minimum value of 1.

Required: No

priceIncrease

The price increase that is applied each time the agreement renews. The field is null when the price doesn't change at renewal.

Type: PriceIncrease object

Note: This object is a Union. Only one member of this object can be specified or returned.

Required: No

termTemplates

Defines how specific terms change each time the agreement renews. The field is null when no terms change at renewal.

Type: Array of TermTemplate objects

Array Members: Minimum number of 1 item. Maximum number of 10 items.

Required: No

type

Category of the term being updated.

Type: String

Length Constraints: Minimum length of 1. Maximum length of 4096.

Pattern: [A-Za-z]+

Required: No

RenewalTerm

Contents

Note

See Also