Renew Contract

Ottu empowers merchants to seamlessly renew existing contracts. To trigger the Renew Contract action, there are two methods available. Detailed explanations on how to initiate Contract Actions are accessible here.

When merchants select Renew Contract, the system will redirect them to the Renewal Contract Form for further processing.

Renew Contract Form

Once the merchant is redirected to the Renew Contract form, they are required to fill in the following information:

• Property Name:

  The name of the property associated with the contract renewal.

• Tenant Name:

  The name of the tenant renewing the contract. It could be selected from a dropdown list containing all the tenants associated with the chosen property name.

• Parent Contract:

  The original contract that is being renewed. It would be selected from a dropdown list containing all the existing contracts associated with the chosen property name.

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The following information will be filled automatically after selecting the parent contract and cannot be modified.

• Units information:

  All information related to the units, including unit number, unit type, and unit price, associated with the chosen contracts will be displayed.

• Payment Period.

• Old Contract Start Date.

• Old Contract End Date.

• Old Contract Amount.

• New Contract Start Date: It is same date of Old Contract End Date.

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• New Contract End Date:

  The proposed end date for the renewed contract.

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Below will be automatically populated based on the chosen parent contract but can be modified.

• New Contract Amount:

  Rent amount for the unit.
• New Original Contract Amount:

  The maximum amount that the merchant can demand the customer to pay within each phase of payment.

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• Contract Reference:

  A unique identifier or code assigned to the contract for tracking and reference purposes.

• Upload Attachment:

  Any relevant documents or attachments related to the contract renewal.

• Payment Methods:

  Available options for payment (Cash, Cheque, Bank Transfer, Payment Link, POS).

• Payment is not in Sequence:

  Indicates whether payments can be made out of sequence according to the terms specified in the contract.

• No Expiration on Payment Link:

  Specifies whether the payment link has an expiration date or not.