Terminating a Contract

To terminate a contract, open the contract and select Terminate from the Actions section on the top right of the screen. In order for a user to have access to the Terminate button, the user must be a Finalizer and have Contract Approval as part of their role.

After clicking Terminate, a Terminate popup will appear with 3 Terminate options and date associated with each:

A date is required for each of the terminate actions, but a user can choose to terminate Accruals only, Claims only, Sweep only, or a combination of any of the three dates. The recommendation is if a user is choosing a Sweep option that both the Accruals and Claims are terminated. To terminate any of these, enter in a date (today's date or greater) and click Terminate.

• Accruals Date: Accruals as of this date now stay static and no longer change. The contract state remains and does not update to Terminated.
• Claims Date: No more claims are processed after this date. The contract state will update to Terminated on the date entered for Claims.
• Sweep Date: After this date, the balance of the accrued dollars on the contract become $0 and the swept amount is now what the balance was. Using this example below, the $4K balance is zeroed out and the report will show the amount that was swept. Clicking sweep does not update the contract status.

Important Notes:

• The Date field is required on each of the actions.
• The Date entered must be today's date or greater.
• Only the claim terminate date updates the contract status to Terminated.

If there is an active contract and another draft out there, the active contract can't be terminated until the draft is cancelled.

Once a contract status is Terminated, no new claims can be created against that contract.

Un-Terminating a Contract

A Contract in a Terminated state can be Un-terminated by a user with permissions. Just click the Un-Terminate button and the contract will return to the correct state. When clicking un-terminate, then Accrual and/or Claims would resume for this contract. The Sweep can also be un-terminated which would bring back an accrual balance to that contrat.

If a contract is terminated, it can't be un-terminated if there is another contract out there with overlapping timeframe.

The Terminated Date display on the Contract Header. Hover over the date to see who terminated the contract and on which date the terminate action was performed.