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Contract Lifecycle Management: the irrefutable need for technology

The argument of financial and reputational losses caused by poor contract management makes for a compelling case for streamlining contract processes. But what makes contract lifecycle management indispensable in 2021?


Contract lifecycle management (CLM) matters more than ever before, moving from ‘cool-to-have’ to ‘crucial-for-survival’ and we outline key tools that legal departments must invest in to streamline contract lifecycle management.

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FAQ about CLM

  • What is CLM?
    Contract lifecycle management (CLM) automates and streamlines contract processes during key stages. These stages include: initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance (within the repository), and contract renewal.
  • Why is CLM important for lawyers?
    As the legal department, your primary role is to protect your business by proactively identifying and mitigating risks. This brings us to the core function of every legal department - managing contracts throughout its lifecycle; creation/drafting, negotiation/ reviewing, approval, finalisation, renewal/ closure.

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