By understanding all the stages of the contract lifecycle, you can ensure that each stage runs as smoothly as possible.
No matter how long a contract is active for, it will undergo many contract stages to ensure that all parties are in unison and that the service agreed upon is delivered. Contracts are legally binding and need to be executed appropriately. When you understand the stages in the lifecycle you can feel more informed and prepared when it comes to managing the contract. While the exact stages may vary for your organization, we’ve broken down the 8 common stages of the contract lifecycle: