Contract Lifecycle Management

Contract Lifecycle Management (CLM) is defined as managing the full lifecycle of any contract, financial or non-financial, beyond execution and throughout the life of the entire contract.

Purpose

At inception of policies going live the University strategy is to streamline the review process electronically through a single point of entry. The long term goal is to sustain a streamlined review and electronic approval process through a self-service contracts model. Benefits to managing the review process and life-cycle of University contracts will be reduced risks, improved total contract value, and built-in reporting to effectively manage timely renewals or termination of contracts.

Importance

Often it is not until there is a breach, penalty, fee, or fine imposed that we assess the importance of effectively managing the lifecycle of a all contracts, whether money is involved.

Explore 3-Minute Video

The University Contracts Management Office (CMO) is comprised of dedicated system administrators and reviewers to support stakeholders navigate the complex world of contracts. Watch short clip to learn more about the importance of Contracts Lifecycle Management (CLM).