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For In-house Counsels

Get a full-spectrum control over your legal operations.

Contract lifecycle Management

End-to-end contracting process at your fingertips

Enterprise Legal Management

Manage & track litigation across 10,000+ courts

Legal Collections Management

Designed for banks, NBFCs & other lending organizations

Sign In Request Demo
pv-new-logo Back

Contract Lifecycle Management

End-to-end contracting process at your fingertips

Smart Repository

Find the right answers in time

Native Contract Editor

Enable effective collaborations

Configurable Workflows

Streamline organizational work

eSignature

Close deals 10x faster

Sign In Request Demo
pv-new-logo Back

Enterprise Legal Management

Manage & track litigation across 10,000+ courts

Litigation Management

Updates from 10,000+ courts

Pre-Post Litigation Workflows

Manage notices & verdicts

Intellectual Property Management

AI-driven IP & trademark watch

Reporting & Dashboards

Configurable metrics cards & reports

Sign In Request Demo
pv-new-logo Back

Legal Collections Management

Designed for banks, NBFCs & other lending organizations

Legal Notices

Automatically create & release notices

Arbitration Management

Manage notice to award passed

SARFAESI Workflow Management

Initiate & manage SARFAESI workflow

Collections Litigation Management

Manage entire litigation workflow

Sign In Request Demo
pv-new-logo Back

For Legal Professionals

Powerful solutions for a power-packed practice.

Solo Practitioners

Manage your cases & causelists in one place.

Small & Medium Chambers

Automate admin tasks & streamline your legal practice.

Large Law Firms

For team & client management. Control end-to-end operations.

Sign In Request Demo
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Solo Practitioners

Manage your cases & causelists in one place.

Instant Alerts

Case updates from 10,000+ forums.

Daily Causelists

Personalised causelist for schedule management.

Online Workspace

Manage all your cases online.

Client Communications

Share listing and order updates.

Mobility

iOS & Android apps with added offline access.

Sign In Request Demo
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Small & Medium Chambers

Automate admin tasks & streamline your legal practice.

Case Updates

Real-time notifications from 10,000+ forums.

Custom Causelists

Daily causelists for all team members.

Case Workspace

Access your cases anytime, from anywhere.

Invoices

Professional templates for custom invoicing.

Task Management

Assign tasks & automate your processes.

Sign In Request Demo
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Matter Management

Oversee all your cases and non-litigation projects.

Real-time Case Alerts

Listing, order, and other important case updates.

Client Management

Send automated case progress updates.

Billing

Advanced invoicing feature & expense tracking.

Time Sheets

Capture your billable hours accurately.

Team Management

Monitor tasks, set deadlines, & approve logs.

Reports

Measure your performance with relevant metrics.

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CLM-Frequently Asked Question

  • Maitreyee Bapat
Maitreyee Bapat
Nov 24, 2021 2 min read
CLM-Frequently Asked Question

Contract Lifecycle Management is now rapidly gaining importance as the Covid-19 pandemic fueled the digitization process. Enterprises are becoming more focused on having central repositories and an overall streamlined contracting process.

Today we are discussing some frequently asked questions surrounding contract lifecycle management software and how it impacts the overall health of businesses and enterprises.

What is contract lifecycle management software?

A Contract Lifecycle Management is a process that works around automating and streamlining the entire lifecycle of a contract at all the key stages. A CLM software is a clever technology that creates an automated digital tool to accommodate and facilitate your contract lifecycle.

Contract lifecycle management solutions help legal, finance, logistics, and sales professionals accelerate contract management processes by using vendor and supplier information more efficiently. Companies sign contracts faster by storing offers, supplier negotiated prices, and contract terms in a central digital repository. They gain trust more quickly and retain the influence of contracts on the final price.

Creating a simple language, combining links and terms that buyers and suppliers can use again, saves time and curtails the possibility of human error. A self-sufficient CLM will execute a successful contracting process using:

  1. Reducing the term around for contract execution.
  2. Providing an interactive central repository.
  3. Having ready-to-use standard templates.
  4. Redlining ability to track changes.

What are the stages of contract management?

The lifecycle of a contract goes through various stages before a successful execution. Here is a quick reference list for you:

  1. Planning phase:
    Before starting any operation, it is essential to develop a system that best suits your company's needs and resources. To keep things manageable, it is also necessary to develop contract management processes that can be implemented at the company level.
  2. Execution phase:
    Now that you've defined your contract management processes running your program before using it is a good idea. This includes the provision of contract management software(link) that supports you in completing contract-related tasks, as well as the transfer of your contracts to a central repository.
  3. Pre-contractual phase:
    Now that you have your contract management basics in place, you can implement them into new agreements. That means developing new contracts or enforcing standard agreements for more standard positions.
  4. Delivery phase:
    It is common - especially in larger companies - that the people involved in executing the contract are different from those who negotiated it. To guarantee the expected performance of the agreement, it is therefore essential to ensure a smooth delivery.
  5. Contract phase:
    In the contract phase, all the goals of your arrangements are achieved - if you manage them correctly. And it prepares you for many of your previous tasks in contract management.
  6. Pre-renewal phase:
    Now is the time to evaluate the performance of the contract and decide whether to extend it or change it. Ensure everyone involved is informed of the expiration date and that you have enough time to review all of the information before deciding.
  7. Post Contract phase:
    After the contract is signed, some cleaning needs to be done to ensure everything is done correctly. This means, among other things, that you comply with the cancellation conditions, issue or pay the final invoices and submit your contract. It is also helpful to do an autopsy of a contract, providing valuable information and guidance to improve future outcomes.

What does CLM stand for?

A CLM is the short-form for a Contract Lifecycle Management Software.

At Provakil, we help you choose the right CLM for your business, one that you can trust and rely on to get your work done. If you are interested in knowing more, you can drop us a line or directly book a consultative call with our experts.

Digital Contracting Law Firms Legal operations CLM Contract Lifecycle Management
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About the author
Maitreyee Bapat

Maitreyee Bapat

Maitreyee works as a content writer on the team. She is a lawyer by education and is passionate about creating content for the legal community that is relevant and thought-provoking.

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For In-house counsels
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Contract Lifecycle Management

Smart Repository

Contract Editor

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eSignature

Enterprise Legal Management

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Pre-post Litigation Workflows

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Reporting & Dashboard

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Legal Notices

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Collections Litigation Management

Legal Collections Management

Legal Notices

Arbitration Management

SARFAESI Workflow Management

Collections Litigation Management

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for legal professionals

Solo Practitioners

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Daily Causelists

Online Workspace

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Small & Medium Chambers

Case Updates

Custom Causelists

Case Workspace

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Large Law Firms

Matter Management

Real-time Case Alerts

Client Management

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Team Management

Reports & Dashboard

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