Contract Lifecycle Management (CLM) software is a type of software used to streamline the contract process, from initiation through execution, performance, and renewal/expiry. It enables organizations to manage contracts efficiently at every stage and reduce the manual work involved in doing so. CLM software can lead to significant improvements in cost savings and efficiency, and can limit an organizations exposure to risk by reducing missed obligations and increasing compliance with legal requirements.

CLM software is produced by many companies, working on a range of scales and offering varying degrees of customizability. Basic functions should include the ability to store contract documents, track changes to contract documents, search documents for a particular criterion, send key date alerts, and report required aspects of the contract. Other functions include managing a new contract request, capturing related data, following a document through a review and approval process, and collecting digital signatures. CLM software may also be an aid to project portfolio management and spend analysis, and may also monitor KPIs.

Most CLM software offers features that are useful during every stage of the contract lifecycle, distinguishing it from other solutions such as contract negotiation software or contract reminder software that focus on one particular phase of the contract lifecycle. Some standard features and functionalities included in most CLM software solutions are contact audit and change history, automated notifications, and pre-approved templates and legal clauses.

In summary, CLM software is a digital platform built to manage contracts throughout all lifecycle stages, from initiation through execution, performance, and renewal/expiry. It streamlines the contract process, reduces manual work, and improves cost savings and efficiency.