What is Contract Lifecycle Management ? #clm

Contracts are agreements. Contracts set forth recitals, terms and conditions and provide a legal framework for performance of the contract and dictate how any potential disputes will be resolved

In an organization, particularly a medium to large sized organization, the contracts/agreements/MOU's/purchasing orders need to be managed appropriately.

The process or the system might vary from organization to organization. Many organizations do not have a written policy, procedure or process. This is a legal and operational risk.

Things to consider:

Authority to enter into a contract.

Centralized or decentralized function.

Stakeholder identification

Post signature management of performance metrics.

End of term considerations.

Use of technology

We'll be going over each of these in subsequent blog posts as well as detailing the different stages.