Contract Lifecycle Management (CLM)

Contract Lifecycle Management (CLM) is the careful process of managing contracts with respect to their creation, review, approval, execution, and archiving.

What is meant by contract lifecycle management (CLM)?

Contract Lifecycle Management (CLM) is the careful process of managing contracts in terms of their creation, review, approval, execution, and archiving. By keeping track of these lifecycles of a contract, it is possible to understand how it evolves through the contract phases from draft to execution and possibly renewal. CLM software can lead to significant cost savings and efficiency improvements. Using a contract lifecycle management solution can also limit an organization’s risk by reducing missed commitments and increasing compliance with regulatory requirements.

A contract lifecycle typically consists of the following 8 phases, which are digitally mapped in a contract lifecycle management solution:

  1. contract request
  2. contract creation
  3. contract processing (contract review, contract negotiation & contract approval)
  4. contract signing
  5. contract tracking and compliance
  6. contract end
  7. contract renewal
  8. evaluations/analytics

Managing the contract lifecycle with a unified CLM system increases transparency and legal certainty while minimizing risk. Contracts are stored and managed uniformly on a central database.

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