About Agreement Versions / Terms
When you enter an agreement, the system applies a Version and Term and updates these values throughout the life the agreement.
The Version and Term fields identify the version and term for the currently selected agreement Revision. The revision number represents changes to the agreement as a whole (i.e. original agreement, amendments, and renewals). When you create an agreement, it is assigned a Revision of 1. Once you begin to apply amendments or renewals, the revision is incremented accordingly (e.g. 2, 3, 4, etc.).
The Version number represents changes within a term of the agreement and consists of 'major' and 'minor' versions. The major version is updated each time you renew an agreement; the minor version is updated each time you amend an agreement. For example, if you create a new agreement, the system sets the Version to 1.0 (where 1 represents the major version and 0 represents the minor version). You then amend the agreement, which sets the Version to 1.1. Renewing the agreement (which changes the agreement term) sets the Version to 2.0. Any amendments to the renewal will be incremented as 2.1, 2.2, and so forth.
When looking at the revisions and versions of an agreement together, they might look as follows:
The Term represents the start date of the most recent major revision (agreement or renewal) through the end date of the most recent activated minor version (amendment). For example, if the effective and expiration dates for a new agreement are 1/1/17–6/30/17, Revision 1, Version 1.0 will show a Term of 1/1/17–6/30/17. If you amend the agreement and change the effective/expiration dates to 1/1/17–8/30/17, the new revision/version (Revision 2, Version 1.1) will show a Term of 1/1/17–8/30/17. However, if you select Revision 1, Version 1.0 from the Revision drop-down, it will still show a Term of 1/1/17–6/30/17.
If you terminate an agreement, the system updates the revision/version term to reflect the termination date. For example, if the active revision/version term is 1/1/18–12/31/18, and you terminate the agreement on August 15, 2018, the system sets the revision/term status to "Terminated" and sets the term to 1/1/18–8/15/18.