Contract Lifecycle Management

Contract Lifecycle Management (CLM) refers to the process of managing contracts from their initial creation to their final execution and renewal or termination. It involves several stages: drafting, reviewing, negotiating, and approving the contract, as well as managing its performance and compliance throughout its duration. Effective CLM ensures that all parties understand their rights and obligations, minimizes risks, and helps organizations streamline operations. By systematically managing contracts, businesses can enhance efficiency, improve relationships, and avoid costly legal issues.