What is contract lifecycle management?

Contract Lifecycle Management (CLM) refers to the systematic process of managing contracts from their initial creation through execution, performance, and renewal or expiration. CLM involves drafting, negotiation, approval, compliance monitoring, and archiving of contracts to ensure that all terms are met and risks are minimized. Organizations use CLM to increase efficiency, reduce errors, and improve visibility into contract obligations and timelines. Advanced CLM solutions often leverage automation, analytics, and integration with other business systems.