Future of Contracts Lifecycle Management- with Razorsign

RAZORSign- Contract Lifecycle Meets Legal Operations

Contracts are the lifeblood of every firm. Employment conditions, company partnerships, and a plethora of other crucial business issues are all governed by contracts. Simply explained, contracts are the foundational elements of all economic activity and commercial operations. They are the atomic unit of trade. A contract management tool can help parties collaborate more easily, gain the necessary insight into contract data, and save time and money with very little risk.

It is thus in the interest of all organisations to ensure that the contract system and processes of the organisations run smoothly. 

CLM , The Organisational Process: CLM means Contract Lifecycle Management – and it comprises organisational processes, policies, people, and tools within it. The main stages of a contract include contract creation, contract negotiation, contract approval, contract execution, contract storage, and contract management and analytics. These represent the internal system that manages all activities relating to contracts, which includes generating, administering, sharing, and archiving corporate contracts. Contract lifecycle management (CLM), thus includes generating, administering, sharing, and archiving corporate contracts using internal resources, processes and tools operated by people . It is the process of managing agreements made with clients, suppliers, partners, or workers through each stage of the cycle. 

  

CLM, The Software: It is the process of digitally managing agreements made with clients, suppliers, partners, or workers through each stage of the cycle. Any digital platform designed to handle contracts throughout all phases of the life cycle is called CLM software. In-house legal departments and their business users can automate management procedures and derive process efficiencies as well as business analytics from their contracts using CLM tools. These tools can enhance legal contract lifecycle management. 

Contract Management Terminology

  • Contract management app/updates
  • Contract Management Workflow
  • Contract E-signature
  • Contract Integration
  • Contract Negotiation
  • Contract Obligation Management
  • Contract Redlines
  • Contract Templates
  • Contract Versioning

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