What is Contract Lifecycle Management?
Contract Lifecycle Management (CLM) encompasses the end-to-end management of contracts — from initial request and authoring, through negotiation and execution, to ongoing compliance monitoring and renewal or termination.
The CLM Stages
- Request & Initiation — Stakeholders submit contract requests with requirements
- Authoring — Draft contracts using approved templates and clause libraries
- Negotiation — Redline collaboration with internal and external parties
- Approval & Execution — Multi-level approval workflows and e-signatures
- Storage & Repository — Centralized, searchable contract database
- Compliance Monitoring — Track obligations, milestones, and SLA compliance
- Renewal / Termination — Automated expiry alerts and renewal workflows
Benefits of CLM Software
- 80% faster contract creation with templates
- Eliminate missed renewal deadlines with auto-alerts
- Full audit trail for compliance
- Centralized visibility into all active contracts
CLM with Millisave
Millisave's contract management module provides a centralized repository, automatic expiry alerts, version tracking, and seamless integration with the broader source-to-pay process.