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!
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.
Over the last year, our clients - legal professionals - have expressed their seemingly increased workload for reviewing contract documents, negotiating agreements, and signing contracts. Recently, I was asked: "When do you know it is time to hire a full-time legal professional for contract management and legal review?" Considering the innumerable times I've been asked this question, I resolved to write a thorough and thoughtful response as a blog that aligns with our audience of contract management software users and prospective CLM users as well. Discover 5 steps to determine if you need to hire a full-time legal reviewer or paralegal.
Contract management is a multi-faceted process. Without oversight over each stage in the life of a contract, your organization can suffer from process bottlenecks, missed contract obligations and tasks, wasted time, lawsuits, decreased revenue, and missed opportunities - to name a few. Fortunately, you can increase your ROI by better understanding approaching contract management. Here are the four phases of contract management and how to tackle them with contract management software.