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What is Contract Lifecycle Management?

        posted by , December 21, 2011

Contract Lifecycle Management (CLM) tools manage contract documentation, administration and compliance. They are primarily used by legal, sourcing (procurement) and sales departments. CLM are used to manage both buy-side and sell-side contracts. Common features include:

contract document repository

contract templating

contract authoring tools with terms and conditions libraries

automation of the contract lifecycle

automatic compliance tracking (e.g. ensure that contractual discounts are applied)

contract collaboration

contract comparison tools

matching of invoices to contracts

milestone based contract alerts

contract BI and analytics

contract text search

contract administration and approval workflows

CLM tools streamline contract authoring, reduce contract administration costs and improve contract compliance.

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