The Full Form of CLM is Contract Lifecycle Management.

Every business has contracts. They form the foundation of any enterprise, influencing revenues, expenses, workflows and virtually every other operational aspect of the company. And as a business grows, so does the number of contracts that need to be managed.

Contract lifecycle management, or CLM, refers to the processes that streamline the creation, oversight and management of contracts. Contracts are living documents and failing to properly manage them can expose your company to risk and significant losses. Without insight into all of your contracts (which could number in the thousands) it’s virtually impossible to effectively manage every agreement at every stage of the lifecycle, from drafting to execution to post-execution analysis.

CLM streamlines this process. It provides actionable insights at every stage of the contracting process, while also eliminating bottlenecks, improving security and decreasing the potential for errors. Instead of spending days or weeks drafting contracts, and then missing out on revenues due to missed milestones – or inadvertently exposing your company to risk with errors, noncompliance, or unmet terms and conditions – you can improve your workflows and bottom-line with CLM.