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Contract Lifecycle Management

With CLM, you can dramatically decrease the amount of time and resources required to initiate, approve and manage your contracts through the contract’s lifecycle.

Dramatically decrease time and resources

Contract Lifecycle Management

Managing your contracts is not just about making sure you’re on top of expiration dates. The benefits of using contract lifecycle management (CLM) software goes well beyond just administrative organization. Manage your contract intake, the contract database and the contract creation processes. Proper contract management is essential for any organization looking to minimize legal, financial, and brand risks. 

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Features and Benefits of CLM

  • Submitting a contract request
  • Making sure the request has appropriate data
  • Workflow approval of requests
  • Merging that data into the contract 
  • Using task lists with calendar reminders and email notifications to accelerate the process
  • Workflow stages and statuses with strict or ad-hoc approval chains
  • Configurable actions that can be executed by users manually or automatically via system tasks
  • Drafting contracts using clause and template libraries
  • Executing contracts that involve negotiation, redlining, approvals, and signatures.
  • Monitoring the entire process through a graphical dashboard from request to renewal
  • Administration of expirations and renewals
  • Governance of a defined process for contract creation and execution

Intake & Drafting

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Contract lifecycle management software provides a simple contract request form for users to populate with basic data to begin the process.

With contract lifecycle management, there are also systematic tasks that can be used to populate a contract request. These systems have enough information where the contract lifecycle management software can look for triggers and automatically get the data to create a new contract request rather than a user manually creating the contract request. Below are a few examples of data that can be used to create a contract request.

  • OCR external contracts to capture data elements required for contract request.
  • A CRM system with a customer project or opportunity in a certain stage.
  • A new vendor in your ERP system that has a certain vendor type associated with it.
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Negotiate - Redline - Approve

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Users can review the contract draft, negotiate with involved parties, and approve the draft. The solution enables users to perform the negotiation within the contract lifecycle management software and to review and redline the contract externally with enterprise file sync and sharing.

eSignature technology within the solution or in conjunction with the solution (i.e. DocuSign or Adobe Sign integration) allows parties to securely and digitally sign documents which saves time compared to snail mail, scanning, email, or fax.

As documents are edited internally or externally, the system will store each revision as an audit trail. Major and minor revisions are kept so users can refer back to see what has been changed and at what stage in the process it was changed. A compare tool allows different revisions to be compared to show the differences between revisions.

Contract Request Workflow

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Processes that control and traffic a contract request throughout its lifecycle can be simple or complex, defined or ad-hoc. You’ll be able to eliminate the need to manually track and facilitate each step, and workflows can differ by role, contract type, or data within a contract record.

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Blog

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Contract Lifecycle Management: What It Is and Why Your Business Needs It

January 24, 2024

Managing contracts is an essential operation in any organization, and it’s one that poses significant risk if left to manual methods. Businesses run almost every function based on contracts—from supplier arrangements to client work to leases, contractor agreements, and more. Keeping up with dozens of contracts’ renewal dates, ensuring you redline each accurately, and getting […]

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The 7 Benefits of Contract Lifecycle Management

February 4, 2022

Contract management is about more than just renewing deals and establishing project parameters. It’s about ensuring your business stays compliant and minimizes any risks from both financial and legal perspectives. Contract lifecycle management (CLM) software not only helps organizations significantly reduce risks and stay compliant but also improves efficiency and cost savings. Learn more about […]

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