Negotiation is (legally) just one, major stage of the total lifecycle of a contract. Please find my summary of contract lifecycle management below.
Contract lifecycle management (CLM) is defined as the proactive, methodical management of a (all) contract(s) from identifying the needs of a business and initiation through award, compliance, renewal and post-mortem analysis. It includes establishing, implementing and analyzing contract(s) in which the company is and will be a party in, with the goal of maximizing operating and financial performance and reducing risks.
Effective CLM includes a number of approximate stages:
- IDENTIFYING NEEDS AND SPECIFYING REQUIREMENTS: At this stage, the company's needs are determined. What are the available means to meet these needs? Who are the potential stakeholders for that? What resources are needed to fill them? And who is responsible for managing each of these operations?
All these questions should be answered at this stage in order (...) Read more? Sign up for free