Contract Alert prior to expiration

Hi SAP Gurus,

I currrently have SAP R/3 4.7 installed.

And i have a request from one of my users to assist with configuring the SAP application such that there should be an alert or all release orders against a contract created in SAP should be disallowed when the contract (time or value) has been utilized to 85% of the contract expiration date or value.

This is to give them allowance execute a fresh bid for a new contract for the service or material before the current contract expires.

Does anyone know how to accomplish for my currently installed SAP application.

Any advice as to how to achieve this will be highly apprciated.

Thanks