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Managing Auto-renewals

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I have a question around auto-renewals and how to manage them in a given workspace.

 

If I have a contract is effective Jan 1, 2013 and has a 1 year initial term and automatically renews for 2 additional periods of 1 year I set up the term attributes this way:

 

Renewal Interval (in months) = 12

 

Maximum number of Renewals = 2

 

Remaining Renewals = auto-fill

 

Effective Date = 01/01/2013

 

Expiration Date = 12/31/2013

 

Is this correct?  Will the system auto-renew, take one renewal on the list and continue the clock running.  Do I need the expiration date?

 

Follow-up question, how are people managing catch-up entries (or legacy entries) for terms that may have already begun or the first term has already run its course?

 

Thanks.


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