Contract Lifecycle Management (CLM) software is used to streamline the entire contract lifecycle process, from pre-signature to post-signature. Unlike contract management software, CLM software helps users manage actions post-signature (or post-execution), including obligation tracking, performance and compliance management, and dispute resolutions. This type of software assists businesses in ensuring all internal and external parties understand and deliver on their contractual obligations by centrally storing all obligation terms and communications. Additionally, CLM software provides visibility into the performance of contracts as well as risk mitigation for non-compliance.
CLM software, like contract management software, commonly integrates with CRM software, proposal software, accounting software, and e-signature software. Products in the CLM category provide the same capabilities as those within the contract management category, but also offer additional capabilities after a contract has been executed.
To qualify for inclusion in the Contract Lifecycle Management (CLM) category, a product must:
Provide all the features of a contract management solution
Track and monitor the contract creation and delivery process and allow users to estimate the efficiency of the process and find ways to improve it
Provide regular reporting to internal and relevant external parties about the contracts and performance with respect to obligations
Comply with industry requirements, government regulations, audits, and response to lawsuits
Manage the entire contract lifecycle
