contract lifecycle management (CLM)

Contract Lifecycle Management (CLM) refers to the process of managing contracts from their initial creation to their conclusion. It involves drafting, negotiating, executing, monitoring, and renewing or terminating agreements. Effective CLM ensures that all parties understand their obligations and rights, helps prevent disputes, and optimizes contract performance. Using CLM tools can enhance efficiency, compliance, and visibility, making it easier for organizations to handle multiple contracts systematically. Ultimately, CLM aims to maximize the value of contracts while minimizing risks and costs throughout their entire life span.