Contract Lifecycle Management (CLM) is the systematic process of managing a contract from its initiation through execution, performance, and renewal or expiration. It involves various stages including contract creation, negotiation, approval, compliance management, amendments, and reporting. Effective CLM ensures that organizations can efficiently handle contracts to maximize value, reduce risk, and ensure compliance with legal and regulatory requirements. By automating and streamlining these processes, CLM software solutions help businesses improve productivity, enhance collaboration, and gain better visibility into contract performance and obligations. This results in more strategic decision-making, minimized disputes, and optimized contract outcomes.