How to use alerts functionality?

Summary: Hi, we have couple of DFF's (Advanced reminder days and Notice period) defined in Procurement Contracts. Requirement is to send email notifications to service owners (populated as one of the parties under parties tab) based on advance reminder days and notice period with contract expiry date in mind. Such reminders will help the service owners get in touch with the suppliers and do the needful (eg- start talks for renewal of contracts). Question is- how to achieve this requirement? Is it possible to use alerts or it has to be BI report? Will it have the capability to