Contract Lifecycle Management (CLM) is the process of managing a contract throughout its lifespan, including all aspects of contract management, such as; request, authoring, negotiation, performance, reporting, and re-negotiation. As contracts are negotiated and approved they are transitioned between stages in the contract lifecycle.
Contract Lifecycle Management is a vital aspect of project management. In order to ensure the best results for any contract, it's important that there is a system in place that has room for managing and tracking the life of a contract from beginning to end