Status

IT Asset Management (Cloud)

The current standing of this contract.

Select an appropriate option from the drop-down list. You may use these settings as appropriate for your processes, and the suggested meanings are:

• Active — This contract is both complete (signed) and current (operational).
• Archived — Presumably because this contract is no longer active, it has been stored for possible future reference. This value has impacts elsewhere in the system: see notes below this list.
• Cancelled — This contract has never been brought into force and its preparation has been stopped permanently (for example, it may have been replaced with a different contract).
• Completed — The contract has come to a successful conclusion.
• Draft — This contract is in preparation and not yet finalized.
  Note: Contracts created through AI ingestion start with a Draft status, indicating they are in preparation and not yet finalized. To change the status (for example, to Active or Completed), you must first obtain consent. After consent is granted, select the Legal Compliance checkbox to confirm you’ve reviewed and verified that the extracted fields match the contract terms. Until this box is checked, the Status remains as Draft and is read-only. Once checked, you can choose an option other than Draft from the drop-down list.
• Expired — A time limit written into the contract has passed, and any resulting expiry terms are in effect.
• Suspended — This contract has never been brought into force and its preparation has been stopped for the time being, presumably because changed circumstances caused a delay, or because there has been a breakdown in negotiations. This status implies that work on this contract may be resumed in future (for example, it might return to Draft status).

Note: Archived contracts:

• Are not considered for linking to licenses in the automatic processing of purchases (and all others are)
• Do not cause a linked license to appear in the License Contract Expiry list, even if the archived contract has also neared or passed its expiry date
• May have been archived automatically when a linked vendor record was deleted
• May required additional documentation about why they were archived. You can use the Notes field; or you can save the contract with an intermediate status (such as Expired), and then save it again with the status set to Archived. This will create an audit trail in the History tab for the contract.