Organizations of all sizes face the need to juggle multiple digital contracts simultaneously, with each contract being at a different stage of the contract lifecycle. Leading contract management software saves time, reduces risks, improves productivity, and maximizes a contract's value. But what is CLM (contract lifecycle management)? Read on to find out!
What is Contract Lifecycle Management?
By Sean Heck on 03/15/24
The 8 Stages of the Contract Lifecycle
By Jamie Reedy on 12/13/23
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.
Driving Corporate Compliance Management With Contract Software
By Sean Heck on 09/26/23
Protecting one’s organization with proper corporate legal compliance can present a complex host of challenges. Business operations regarding corporate compliance efforts present a two-fold challenge: First, compliance departments must make sure that employees do not fail to comply with internal policies and the code of conduct across departments. Second, compliance teams must ensure that federal (in the United States or elsewhere) and state rules and regulations are observed to avoid violations. You may be wondering how to manage compliance as responsibilities, rules, and corporate compliance law evolve. Thankfully, contract management software can serve as a user-friendly compliance management system.
Efficiently Manage ESG Contract Clauses With AI-Backed CLM Software
By Joshua Hansen on 04/26/23
As ESG (environmental, social, and governance) variables continue to play an integral role within organizations and serve as a prioritized component within business decision-making, ESG clauses in contracts are increasingly at the forefront of contract negotiations and compliance.
Without the right contract management tools, ESG contract clause language can elongate negotiations and cause post-award compliance tracking difficulties.
Fortunately, AI-backed contract management software offers unique tools for reducing pre-award and post-award ESG contract clause bottlenecks so your team can address ESG principles and ESG goals. Read on to learn how.