What describes the 'Expired' stage in the contract lifecycle?

The 'Expired' stage in the contract lifecycle is aptly described as the status when a contract reaches its end date. When a contract is marked as expired, it indicates that all obligations and rights defined in the contract have ceased due to the passage of time. This stage is critical to track because it can affect how assets are managed, including software licenses and compliance with usage terms. Once a contract is expired, parties involved can no longer invoke the terms of that contract, which may impact future negotiations, renewals, or the need to establish new agreements. Understanding this stage is vital for efficient software asset management, as it helps organizations to keep track of their contractual obligations and prepare for the necessary actions following expiration, such as renewal discussions or assessing the need for new contracts.