Contract value reflects unbilled periods and credit notes

For fixed terms and subscriptions ended in their first year, contract value leaves out the unbilled part of an unfinished arrears period when billing and value calendars align and billing is automatic or period evidence exists. Credit notes linked to those billing periods reduce their value; a replacement invoice restores what it bills. Refunding a credit note does not reduce it again. Subscriptions valued as one year keep their annualised price. Billing previews use the agreement version from the start of each period, matching the invoice recorded for it.