Contract Status Phases Milestones and Close Out – GoldFinch Clientcare

Use status fields, milestone dates, tasks, and approvals to monitor a contract from intake through close-out.

Design the status model

A contract status should describe the contract's business state. A phase can provide more detail within that state. Keep the values limited and define when users may move a record from one value to another.

Capability	Classification	How it is provided
Draft	Example	The agreement is being prepared or reviewed.
Pending approval	Example	Required internal approvals are incomplete.
Pending signature	Example	Internal approval is complete, and signature is outstanding.
Active	Example	The agreement is effective and being performed.
Expiring	Example	The contract is within the organization's renewal review period.
Closed	Example	Required close-out actions are complete.
Terminated	Example	The contract ended before its planned expiration date.

Track milestones and obligations

Create date fields for major contractual deadlines and report them consistently.
Use Salesforce Tasks for assigned follow-up work with an owner and due date.
Use project tasks or configured milestone records when the contract has several deliverables or performance periods.
Use reports and dashboards to identify overdue milestones, unassigned tasks, and approaching dates.
Use scheduled Flow when the organization requires automatic reminders or escalation.

Close out a contract

1. Confirm that goods or services have been received and accepted, when applicable.

2. Confirm that invoices, credits, payments, retainage, and other financial items have been processed.

3. Record the final performance or completion date.

4. Complete required compliance, document-retention, and asset-return tasks.

5. Obtain the required close-out approval.

6. Change the status to Closed and retain the contract documents according to policy.

Limitations

Milestones, performance monitoring, and close-out workflows require customer-specific design unless already configured. GoldFinch should not represent them as standard contract functionality without confirming the customer's configuration.

Related GoldFinch Clientcare pages