CLM best practices

Contract Lifecycle Management (CLM) best practices involve effectively managing contracts from creation to execution and renewal. Key practices include organizing contract documents for easy access, using standardized templates for consistency, and tracking important dates to ensure timely renewals or renegotiations. Regularly reviewing contracts for compliance and performance helps identify issues early. Collaborating with relevant stakeholders enhances communication, while digital tools can automate processes, increasing efficiency. Finally, maintaining a centralized repository for all contracts ensures data security and supports informed decision-making throughout the contract's life.