Capterra Glossary
Contract Life Cycle Management (CLM)
Contract life cycle management (CLM) involves the management of a contract from start to finish. This means ensuring that a contract is properly signed, executed, managed, and closed out. Contract life cycle management can occur over a short period (even as little as a few days), or it can take decades to truly complete.
What Small and Midsize Businesses Need to Know About Contract Life Cycle Management (CLM)
Small businesses should use CLM to properly track their contracts' legal requirements. Appropriate CLM will also keep customers happy, which will increase the chances of repeat business and improve the chances of a customer recommending your business to others.