Contract Lifecycle Management has been a powerful tool used by enterprises that face pressure to optimize their contract competencies. This has been the case specifically in heavily regulated industries across the board, from Governmental agencies to Energy sector businesses.
It remains critical to establish efficient processes through the entire life of a contract and define each phase thereof so that each phase has a specific purpose to be effectuated. This can be achieved in the creation of rules, workflows, and contract term libraries. This system must be strictly implemented at all enterprise levels, equally across the whole Process for CLM as shown below:
(Garrett 2007, pg. 22)
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