If the effective date of a Contract Workspace is in the future, what will its status be?

When the effective date of a Contract Workspace is set in the future, its status is classified as "Pending." This status indicates that although the contract has been created and is likely finalized in terms of terms and conditions, it is not yet in effect because the specified start date has not yet arrived. This allows stakeholders to prepare for the contract while clearly understanding that the actual enforcement of the contract is contingent upon the future effective date.

In contrast, an "Active" status would imply that the contract is currently enforceable and applicable, which is not the case when the effective date is in the future. Likewise, a "Finalized" status suggests that all parties have agreed and signed the contract, which may still be true in a pending status, but does not mean it's in effect yet. An "Expired" status refers to contracts that have surpassed their effective or termination dates, which is irrelevant to a future effective date. Therefore, the "Pending" status accurately reflects that the contract is not yet operational.