Finance · Intermediate
Check a supplier contract summary for payment terms and renewal dates
Pull payment terms, notice periods, renewal dates and price-change clauses from a supplier agreement.
The task
Auto-renewals and price-increase clauses get missed because nobody reads the contract until the invoice arrives. Ask the assistant to extract the commercial terms into a short table you can add to your supplier register, with clause references.
A prompt to start from
Paste it into your AI assistant, then fill in the bits in [square brackets].
From the attached supplier agreement, extract into a table with clause references: - Contract start date, initial term and end date - Renewal mechanism (automatic or not) and notice period to cancel - Payment terms and invoicing frequency - Price increase or indexation clauses - Termination rights and any fees - Liability caps
Quote the clause wording for renewal and price increases. If something isn't in the document, say "Not found".
What to check in the output
- Read the renewal and termination clauses yourself. These are the ones that cost money.
- Check dates by calculating them yourself from the start date and term.
- "Not found" may mean it's in a schedule or a separate order form.
Before you paste anything in
Contracts often have confidentiality clauses. Use only a tool approved for confidential documents, and involve legal for anything contentious.
Your organisation's AI policy wins over anything here.
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