Contract Insights

The contract lifecycle is a great way to categorize the steps of contract administration, from requests to renewals.  But how can you embrace legal operations digital transformation to automate the contract life cycle process?  Read this blog to find out.

Contract management teams hold a lot of responsibilities throughout the life of a contract.  Streamlined and organized contract collaboration is key to CLM success.  Without a clear-cut understanding of how the contract process should occur, contract management teams can encounter unnecessary contract risk, contract lifecycle bottlenecks, and decreased revenue.  As such, we have outlined the responsibilities of a contract management team and how these responsibilities can be centralized and organized with leading contract management software.

Contract obligations are – to put it simply – the contractual commitments that parties involved in a contract have agreed to entirely satisfy.  Successful contract obligation management requires organizations to ensure that they have met the obligations agreed upon in a contract in a timely manner.  Unfortunately, manual contract management methods can make the contract lifecycle – which includes contract obligations – confusing, disorganized, decentralized, and almost impossible to handle properly.  As such, key dates, milestones, payments, deliverables, and more can be missed.  Thus, organizations should avoid the pitfalls of contract management by ditching manual and outdated contract administration processes in favor of robust, user-friendly contract management software.

In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses.  To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!