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We have discussed the first three stages of contract lifecycle management: contract request, contract authoring, and contract approval. The fourth stage of contract lifecycle management is contract execution. We will cover all the important details and tasks involved in this critical stage of the contract lifecycle.
We recently covered the second stage of contract lifecycle management – the contract authoring stage. Today, we will discuss the third stage of contract lifecycle management, the contract approval stage.
We recently covered the first stage of contract lifecycle management – the contract request stage. Today, we will discuss the second stage of contract lifecycle management, the contract authoring stage.
Contract lifecycle management refers to the successful administration of contracts and the manner that contributors effectively plan for each stage of a contract’s lifecycle – resulting in the elimination, mitigation, or reduction of risks.
Contract management is an inherently risky process. When dealing with large amounts of highly sensitive data and confidential information on a regular basis, it’s critical to have certain instruments in place to help aid in risk management. Contracts are legally bound, so small errors can lead to large repercussions for your business and your business’s reputation is risk isn’t managed carefully.
Contract lifecycle management is the process of overseeing every step of a contract’s lifecycle, ensuring that tasks and obligations in each step are properly completed from contract creation until contract expiration.
Implementing contract management software is an effective way to increase efficiency within your legal department’s operations. According to the International Association of Contract and Commercial Management, research shows that “improving contract management can increase corporate profitability by nearly 10 percent annually” (Silverman, 2020).