Contract Lifecycle Management (CLM) is the proces in which contracts are managed through the entire contract lifecycle in order to secure that

• contracts are requested in a standardized way
• contracts are authored using appropriate templates (terms & conditions) 
• contracts are negotiated/collaborated both internally and externally in a standardized way
• contracts are reviewed and approved by relevant entities/departments prior to execution
• contracts are executed/signed using in a standardized way (e.g. electronically)
• contracts are managed after execution (milestones, events etc.)
• contracts are reported/audited on a regular basis (e.g. for comparacy, overview, analysis etc.)
• contracts are kept up to dates as they change (e.g. amendsments to contracts or re-newals) 

To receive the full benefit/value from Contract Lifecycle Management it is important to consider all types of contracts (e.g. buy-side, sell-side, projects etc.). Only this way the organization can build up an enterprisewide catalog of terms&conditions, enterprise overview of all obligations and rights, ability to compare contracts at the enterprise level etc.