Contract management 101

The Ultimate Guide to Contract Lifecycle Management

Let's take a look at the contract lifecycle management (CLM) process and the many stages of it

What is contract lifecycle management?

What is contract lifecycle management, and how do you manage contracts efficiently? The answer to this question, in terms of execution, remains more or less the same as before.

However, technological improvements over the past few years have begun to offer drastic changes to the methods and tools by which we do it.

In this white paper, we take a closer look at what contract lifecycle management actually is. We also cover topics that help you understand, and use, tools to make your workflow faster, with solutions, tips and tricks.

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Key takeaways

  • It is during the operational phase that mainly general (not contract-specific) prep work is done. A big part of the operational phase relates to setting routines. Moreover, this is done to streamline your contract management process. It is also done to provide you with the best conditions possible for entering the transactional phase.
  • When routines and other frameworks are set, it’s time to move on to the transactional phase. This is the contract-specific phase. To clarify, this means that many agreements you carry out go (or at least should go) through it.
  • After establishing what the contract management process looks like in theory, it’s time to ask some important questions. How can software improve the different stages of the contract lifecycle? And how do I apply it to my business?
Fiona Adverity, Legal Compliance

" I have seen a lot of demos from competitors, but only Precisely could offer what we needed. They are not a supplier, but a partner."

Fiona Greiner, VP of Legal & Compliance at Adverity
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