Contract Lifecycle Management (CLM) is the process of managing contracts from their initial creation to their final execution and renewal. It involves several stages, including drafting, negotiation, approval, and performance monitoring. Effective CLM helps organizations streamline their contract processes, ensuring compliance and reducing risks. By utilizing technology and software tools, businesses can automate and optimize each phase of the contract lifecycle. This leads to improved efficiency, better visibility into contract terms, and enhanced collaboration among stakeholders. Ultimately, CLM supports better decision-making and helps organizations maximize the value of their contracts.