The 8 Stages of the Contract Lifecycle

    By Jamie Reedy on 12/13/23

    reading-minutes-icon-one-color 4 min read

    Contracts are legally binding - and thus need to be executed properly.  Legal teams should equip themselves with a thorough understanding of the contract lifecycle.  The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed. 

    The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution.  The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal.  Let's further explore the eight stages of the contract lifecycle below and how digital contract management software can help streamline your contracting processes. 

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    What Is Contract Management in Procurement?

    By Joshua Hansen on 10/9/23

    reading-minutes-icon-one-color 5 min read

    Procurement departments can encounter procurement workflow inefficiencies without the proper procure-to-pay tools – especially when implementing inefficient and disjointed contract management processes.  You can avoid risk, unreasonable vendor pricing, and vendor non-compliance by leveraging contract management processes in procurement that centralize processes, technology, and people.  Read on to discover how you can implement effective contract management software in procurement that results in maximized collaboration of various roles and responsibilities, cost savings, and more fruitful business relationships.

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    Contract Management Reports for Robust CLM Data Analytics Oversight

    By Joshua Hansen on 01/23/23

    reading-minutes-icon-one-color 4 min read

    Tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging.  You can waste time and energy without readily accessible contract management reports for the following.

    • Contract Financials
    • Contract Terms
    • Workflows
    • Budgets
    • KPIs
    • Vendors
    • Compliance Data
    • & Other Essential Contract Data

    Fortunately, leading contract management software can provide you with contract management reports for robust contract performance management oversight.

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    Contract Lifecycle Process Failure - An Investigation

    By Sean Heck on 09/22/22

    reading-minutes-icon-one-color 8 min read

    Oh no!  It happened: contract lifecycle process failure.  Something went wrong during contract lifecycle management - resulting in contract failure.  But fear not; as a contract management professional, you are a worthy investigator.  It is time to put on your detective hat, grab a notepad, and piece together the clues as to why your contract lifecycle process failed.  You can also inspect how this tragedy could have been avoided with contract management software.  Let the investigation begin!

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