Can a vendor or contractor, who's not an employee of the company, be sent a reminder notification?
Yes, contractors and vendors, who are not part of the organization, can be sent reminder notifications.
What is the difference between License Agreement and Contract?
A license agreemnents is also contract, but it's based on a software license.
What happens when a Contract is Renewed?
Contract renewals are done under the Renewal tab. All renewed contracts details are displayed under Renewal Details. Note that when parent contract is renewed, the child contract is NOT renewed automatically; it must be renewed separately.
What happens when two contracts, one expired and one active are to be configured with Parent and Child relationship?
The only relationship possible here is configuring the expired contract as a Child, because only active contracts can be configured as a Parent contract.