So What is Contract Lifecycle Management?

Contract Lifecycle Management is the proactive and methodical management of an agreement or contract relationship throughout its life, from development and sourcing through award, through delivery to completion or renewal.

Software for Contract Lifecycle Management provides support for contract managers, removing the administration burden, and assists in mitigating many of the contracting risks that stem from non-compliance to negotiated terms and conditions of agreements and bad contract management.

Only if you are aware of the trigger points in agreements can you take pre-emptive action on critical milestones, preventing commercial catastrophies.

"Your biggest risk is not knowing what your risks are." - Adam McInnes

Organisations are typically good at certifying payments to suppliers, but not good at ensuring delivery work has been completed prior to certification. Conversely, Suppliers do not always maximise the potential of each customer relationship. Lost revenues and over-expenditure occur when parties do not have good systems in place.

Value delivery is the key to Contract Lifecycle Management; delivering the value inherent in agreements. As a tool of benefit, you must manage the contract to ensure the value is delivered.

Open Windows contracts-ENTERPRISE is a mature and comprehensive tool for contract lifecycle management, now managing contracts in over 200 organisations.