We believe you should Evergreen your contracts, this means the contract does not renew each year but continues until cancelled. There is much debate over whether the customer should be contacted each year and the account reviewed with the contract renewal approved by the customer before renewing versus saying the contract will renew each year unless cancelled with 30 days notice. See this EUG post for more;
Even if you do want to meet with the customer and formally renew you can still set them up as Evergreen. It just makes contract profitability reports so much easier and more accurate.