Adding Duration Details to your Contracts

You can specify the duration of your Contract by storing its Start and End Dates, as well as the Collection Period End Date.

These dates are just for reference, and do not affect whether this Contract's Statement will calculate or not.

When populating these fields, we'd also recommend completing the Event Notifications tab in your Settings, that will trigger an email notification when a Contract's End Date or Collection Period End Date is due in 30 days and 60 days. The notification email will be sent daily at 1am (GMT/GMT+1).

Additionally, Contracts are categorised as Expired, Retention, or Collection, based on their End Date, Retention Period, or Collection Period End Dates, correspondingly. This way we aim to help users to quickly identify the status of their Contracts at a glance.

More specifically, a Contract's status is determined using the following hierarchy:

• Retention Status: applies if the Retention Period End Date is in the future and the End Date and Collection End Date are in the past or undefined.
• Collection Status: Applies if the Collection End Date is in the future, while both Retention Period End Date and End Date are in the past or undefined.
• Expired Status: Applies if the End Date is in the past or undefined, neither the Retention Period End Date nor the Collection End Date are in the future, and at least one of Retention Period End Date or Collection End Date is explicitly in the past.

Please note that a Contract with an "Expired" status only indicates that the End Date has been reached and will not have an impact on royalty calculations.