Manage contracts like the strategic assets they are
Contract lifecycle management (CLM) is the proactive, methodical management of contracts from initiation through award, compliance, and renewal. Treating contracts as an enterprise endeavor can achieve two goals that are important to lawyers and nonlawyers alike: improving efficiency and reducing risk.
Our CLM specialists leverage their expertise in contract management within law departments to help map and create a robust process that proactively manages your organization’s contracts and mitigates risks. Outcomes include:
- Well defined processes and carefully aligned resources.
- Categorization of all contracts.
- Repository of standard T’s & C’s.
- Clearly defined roles and responsibilities.
- Milestone monitoring and renewal timeline tracking.
- Stringent measurement protocols.
This ensures that transactions and invoices remain in line with approved language and that organizations can take advantage of volume-based pricing initiatives. Centralization can also prevent the inadvertent breach of contractual terms that may conflict with each other, such as supplier exclusivity clauses.