Use of expired contracts

Hello Experts,
I have a query regarding the usage of purchase contracts.
As a company, if I sign a contract with my vendor for a year, my contract will expire after that.
Should I be able to use this expired contract till I renew it?
I understand it is illegal to use an expired contract even for one day after the actual validity period. Is this opinion correct?
And is it the same for any industry irrespective of the size or the vertical it belongs to?
Kindly let me know how this is supposed to be.
Best Regards,
Vidhya

Hello Vidhya,
Your query looks more towards business angle.
Yes.It is illegal to use the expired contract or after validity.
If we talk about SRM
you can change the validity.
Or you can create new contract wrt old contract
or you have option to create a Bid Invitation for expired contract to finalise the new contract
BR
Dinesh

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