Organizations of all sizes face the need to juggle multiple contracts simultaneously, with each contract being at a different stage of the contract lifecycle. Leading contract management software reduces risk, improves productivity, and maximizes a contract's value. But what is contract lifecycle management? Read on to find out!
Contracts are legally binding - and thus need to be executed properly. Organizations 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 contract renewal. Let's further explore the eight stages of the contract lifecycle below and how contract management software can help streamline your contracting processes.
Navigating your CLM Platform can be difficult if you aren't equipped 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 - possibly – renewed. The "lifecycle" is an archetype used to characterize and understand a contract's complex growth. The lifecycle voyage begins with contract requests and ends when said requests are achieved – with the feasibility of contract renewal. With so many complex processes involved in contract lifecycle management, it can be easy to sail toward the treacherous waters of contract mismanagement. With a strong sense of how to leverage leading CLM software, however, you can quickly get your legal operations sea legs! Read on to learn how you can set sail toward better contract management.
It remains true that general counsel and paralegals continue to encounter growing contract complexity and volume. An ineffectual legal contract management process makes obstacles for legal departments tough to overcome. Here’s how to leverage seven legal contract management software tools for a streamlined legal contract lifecycle, reduced risk, and minimal contract lifecycle bottlenecks and delays.