Microsoft Word documents and PDFs are the de facto standards for contract files, so software solutions designed for document generation focus on enabling custom Word and PDF generation. This stage of the contract lifecycle is also called drafting or generation.
Contract creation. Put simply, this is how companies create contracts, whether from a template or from scratch. Here’s an overview of the contract stages: Simply put, contracts are the atomic unit of commerce, the building blocks of every economic activity and business process.įollow a contract through a company, and you’ll know everything you need to about that company’s approach to technology, process optimization, and risk management.ĭoes a company prioritize speed over security? Does it maintain a number of systems that don’t communicate with each other? Does it save money by automating high-volume processes? Contracts tell the story.Ĭontract lifecycle management aims to digitize and automate the contracting process through each stage to achieve much greater efficiency and better collaboration.Ĭentralized data, shared workflows, transparency, and compliance are just some of the benefits of contract lifecycle management. Contracts dictate terms of employment, business relationships, and countless other critical business details. Contract lifecycle management can also be your business’ secret weapon.Įvery business runs on contracts. Contract lifecycle management (CLM) is the process of digitally managing agreements made with customers, vendors, partners, or employees through every stage of the cycle, and encompasses creating, managing, sharing and archiving business contracts.
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