Contract Life Cycle Management (CLM) simply means effectively managing contracts or agreements and relationship between entities by properly planning all the contract management stages resulting in reducing, eliminating or mitigating financial, legal and procurement risks.
Following section explains about the #9 stages and best practices of Contract Lifecycle Management process.
Stage 1: Contract Request:
Contract Life Cycle Management starts with the Contracts Requesting process where one party requests for or initiates the contracting process and subsequently uses that information for drafting or authoring the contract document.This is usually the first step in Contract Life cycle Management.
Stage 2: Contract Authoring, Review and Red lining, Contract Negotiation
In the Contract Authoring or Drafting stage , contract or agreement document is created or generated using CMx which includes all clauses, terms and conditions. It is usually in this stage Contract Approvers and Signing parties are determined and approver and signing details are captured in the contract document.
Stage 3: Approval and Lawyer or Legal Review
Agreement document prepared in previous step is submitted to internal or external approvers and then once they approve the document to proceed further, Contractual document moves to the next step in the CLM life cycle.
Stage 4: Execution or Agreement Signing
Contract document which is approved is sent to respective parties for signature either online or using manual process.
Stage 5: Contract Database or Repository Storage
Once the contract document is signed it is stored permanently in a easy to retrieve agreement database. Both contractual meta data and documents are indexed and saved for future reference.
Stage 6: Records Management
This stage enables complete control of all critical business documents through reliable storage of records with backups and retention policy enforcement policies providing confidence that your critical records are in secure for global information management with high compliance.
Stage 7: Easy Search and Retrieval
This stage enables business users to quickly search , apply filters and retrieve relevant documents from the contract system.
Stage 8: User Activity and Reporting
Every stage captures user activity logs and the contract meta data and documents are properly indexed for easy retrieval. This stage ensures business users can quickly and efficiently retrieve and mine contract data and produce in depth reports.
Stage 9: Contract Renewal , Amendments and Disposition
Once the contract reaches its end date , it must be renewed to stay in active status.If the contract is not renewed on time it could cause financial risk for the parties involved in the contract.
Article Source: http://www.contractexperience.com/resources/resources-main.html
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Certain inquisitive questions can help any business entity get a clear picture of their present commercial scenario; like whether the business service is priced right, has the turnover from the previous quarter increased by the targeted percentage, if the most profitable clients are treated in the desired manner and definitely spotting them, are the payments on time & is capable of extending payrolls and lastly who among the workforce are least and most productive in terms of service delivery.
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Management reporting is an internal culture and concentrates on the functioning of a particular segment of the business entity.
Difference Between Financial Reporting And Management Reporting
The financial report is based on the outcome of the entire business activity.
Management report is known to showcase more detailed information such as the geographic region, product line, customers and profits by-products.
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