Contract lifecycle management
Contract Management or Contract Lifecycle Management (CLM) maximizes the value derived from contracts and minimizes risk. Best practice CLM involves the activities depicted in the figure below. CLM touches many stakeholders including the CFO, CCO, CPO and legal counsel.
CLM standardizes contract terms and structure by controlling the drafting-, negotiation- and authoring of contracts. Contracts are stored in repositories providing access only to authorized users. Contract change is processed and approved efficiently using workflows and compliance is constantly monitored. Contract Renewal- and Exit are run in a structured process to ensure all areas are covered.