Renewal options let you record the conditions under which a tenant can extend their tenancy, including option expiry dates and reminder alerts so you never miss a critical deadline.
Adding Renewal Options to a New Tenancy
In the Commercial Tenancy Wizard, proceed to the Terms step and enter the initial term.
Click Add Right of Renewal and tick Tenancy renewals have Options.
Set the Option expiry date and a Remind by date for advance reminders.
Complete the remaining tenancy details and click Save.
Adding Renewal Options to an Existing Tenancy
Open the tenancy and go to Terms & Breaks.
Select the Current Term tile.
Tick Tenancy renewals have Options.
Enter the Option expiry date and Remind by date.
Click Save.
Renewing a Term with Options
Navigate to Terms & Breaks and click Renew term.
On the Term Renewal page, verify and adjust the new term details and any remaining rights of renewal.
Enter the date the option was exercised and specify the tenant contact who gave notice.
Once the new term is saved, the exercise date and the contact who exercised the option are recorded on the Terms & Breaks page.
North American customers will see "Leases" where this article says "Tenancies", and "Terms and Options" where it says "Terms and Breaks". For more information on regional terminology, see our Glossary of Regional Terminology.