Contract lifecycle management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance and renewal.
Implementing CLM can lead to significant improvements in cost savings and efficiency.
[1] Understanding CLA and using contract lifecycle management software to automate CLM processes can help to limit organizational liability and improve compliance with legal requirements.
There are many different phases of each contract – no matter the size or importance of any particular document, they must all go through each stage in order to be completed properly.
[2] The stages of the contract lifecycle management process include: