Contract lifecycle management

Contract lifecycle management (CLM) is the systematic management of contracts throughout their lifecycle, from initiation and negotiation to execution, compliance, renewal, and termination. CLM aims to improve operational efficiency, reduce legal and financial risk, and ensure contractual obligations are met. Implementing CLM can lead to significant improvements in cost savings and efficiency. Understanding contract lifecycle management and using contract lifecycle management software to automate CLM processes can help to limit organizational liability and improve compliance with legal requirements.

This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.