Contract life cycle management (CLM) involves the organized and purposeful administration of contracts from their inception to their conclusion. It encompasses a range of processes and tasks associated with creating, managing, and maximizing the value of contracts between multiple parties. These activities span from the initial stages of contract initiation and negotiation to the subsequent phases of execution, performance monitoring, risk analysis, obligation management and eventual closure.

The key stages include :

Contract Request
Contract Drafting
Negotiation
Review
Approval
Execution
Data extraction
Managing Renewals
Tracking Obligations
Risk Mitigation and Analysis.

Type of the users that benefit from the offer:

Procurement, Sales, Legal, Human resource.
Industries that benefit from the offer:
Automobile,Insurance,Manufacturing, Pharmaceutical.

Customer needs/Pain points which the Product addresses:

A CLM Solution automates contract creation, simplifying contract management which enables efficient tracking of compliance, renewals, and obligations, ensuring vendors meet their commitments.
A CLM solution can help enhance collaboration by providing a Centralized platform for the customers to review, edit and approve contracts and provide feedback on proposed changes.
A CLM solution tracks regulations, aligns contract terms with standards, and reduces errors in risk identification, mitigating contractual risks and managing compliance efficiently.
With a CLM Solution the Customers can safely store and organize all their contracts under one central and find the required document at anytime without having to scroll through the Inboxes and shared drives.
With a built-in Electronic Signature proficiency, the hassle of wet signatures and unreasonable delays can be checked.
A CLM solution provides Analytics and Reporting features that can help the Customers gain insights into contract performance such as contract volume, contract duration and contract value.
A CLM solution allows multiple users to collaborate on contracts and share documents in a secure environment which can improve communication and efficiency.

Contractzy - Contract Lifecycle Management Application

by The Legal Capsule