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Contract Lifecycle Management
Contract lifecycle management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance and renewal. Implementing CLM can lead to significant improvements in cost savings and efficiency. Understanding and automating CLM can also limit organizational liability and increase compliance with legal requirements. Contract Lifecycle Management Stages There are many different phases of each contract – no matter the size or importance of any particular document, they must all go through each stage in order to be completed properly. The stages of the contract lifecycle management process include: #Requests - The start of every contract involves the actual request. This is the phase where involved parties gather all the relevant information and data they need in order to create a contract that works for both sides. The request stage is arguably one of the most important stages of the contract lifecycle and can take some time depending on who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Management Software
Contract management software is the range of computer programmes, libraries and data used to support contract management, contract lifecycle management, and contractor management on projects. It may be used with project management software. Advantages and key functions Most sophisticated projects involving contractors now use contract management software instead of relying on the manual management of paper contracts. It has become an essential tool for keeping track of multiple activities with cost implications, and can be especially helpful for automating administration, ensuring compliance, monitoring risk, running reports and triggering alerts. In addition to these types of features, contract management software systems provide a centralized repository for employees to quickly access all contracts worldwide in one place. Having contracts stored in multiple locations can delay and interrupt the contracting process. Contract management software is produced by many companies, workin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |