Contract Lifecycle Management
What is Contract Lifecycle Management?
Contract lifecycle management (CLM) products provide a suite of applications that handle all or many of the processes involved in end-to-end contract management, from contract generation, drafting and approval workflows, to contract database management, to post-execution contract review, analysis and performance monitoring.
The purpose of CLM software is to manage contracts from offer and acceptance to maintenance and renewal or expiration. The software handles contracts as agreements between two or more parties that create legal obligations enforceable at law and bring a risk of non-compliance with terms and conditions.