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General terms include items like contract start and expiration dates, renewal clauses, and termination clauses. It is important to understand contract start and end dates and termination clauses for several reasons. First, if a contract was executed recently and does not have a termination clause beyond default (essentially allowing the customer or supplier to cancel the agreement if terms of the agreement are not met), then, depending on your obligations under the contract, you may not be able to change suppliers until the contract end date.

Renewal clauses (also known as auto‐renew or evergreen clauses) are also important, because they may require that a termination notice be given a certain amount of time prior to contract expiration. For instance, a contract may expire in February of next year. However, the renewal clause states that the contract automatically renews for a one‐year term unless written notice is provided no less than 60 days before agreement expiration. This means you need to give notice that you do not intend on renewing the contract by November of this year.