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Contract Lifecycle Management is process of managing contracts through a well documented procedure and process that allows you to effectively manage various types of contracts; their terms, negotiation factors and renewals. The primary goal for contract management within any company is to ensure that commitments and obligations to customers and suppliers are clearly visible to the relevant people in the organization and that they are executed upon. An effective Contract Management program helps organizations to keep track of their Contracts, Customers and Service providers in an effective manner; that not only saves the corporation a lot of time and effort but is also beneficial in terms of business strategies and procedures.
