Glossary
What is contract lifecycle management?
Contract lifecycle management is the process of managing a contract from the first request through drafting, negotiation, approval, signature, obligations and renewal or expiry, on one record that every team can see.
The stages of the contract lifecycle
Most contracts move through the same stages, whatever the type or counterparty.
- Request and intake. A business user asks for a contract and supplies the basics: counterparty, value, term and purpose.
- Drafting. The contract is built from an approved template and clause library, or the counterparty paper is uploaded for review.
- Review and negotiation. Legal and the business compare the terms with policy, redline and agree changes.
- Approval. The right people approve, based on value, risk and contract type.
- Signature. The parties sign, usually with an electronic signature.
- Obligations and performance. Each party delivers what it promised: payments, service levels, reports, insurance.
- Renewal, amendment or expiry. The contract is renewed, changed or closed out, with notice dates tracked well ahead.
Why it matters
Most of the value in a contract is decided after signature. When contracts live in inboxes and shared drives, renewal dates pass, price caps go unchecked against invoices and obligations are missed. Contract lifecycle management puts the terms on a record that the business can search, report on and act on.
How Aavenir handles it
Contractflow runs intake, drafting, AI review, approvals, signature and renewals on one contract record, natively on ServiceNow or standalone. Obligationflow tracks what each party committed to after signature, and Avy reads every agreement so its terms can be searched and checked.
Keep reading
Contract obligations Contract obligations are the duties each party agrees to perform under a contract, such as paying on time,.Read more 
Contract renewal Contract renewal is extending a contract for a new term, either automatically under an auto renewal clause or.Read more Contract approval Contract approval is the step where the right people review and authorize a contract before signature, based.Read more Frequently asked questions (FAQ)
Common questions
What is contract lifecycle management in simple terms?
It is managing a contract from the first request to renewal or expiry, with every step, document and date on one record instead of scattered across email and shared drives. Legal, procurement and finance all work from the same version. See Contractflow.
What are the main stages of contract lifecycle management?
Request and intake, drafting, review and negotiation, approval, signature, obligations and performance, then renewal, amendment or expiry. The stages after signature, obligations and renewal, are where most of the value is won or lost. Read about contract obligations.
What does contract lifecycle management software do?
It runs those stages in one system: templates and a clause library for drafting, workflows for review and approval, electronic signature, a searchable repository and alerts for obligations and renewals. AI can now read and review contracts as well. See Avy.
Have a question we have not answered? Ask the Expert
Schedule a demo
See your contracts run on one record.
- 1 A 30 minute walkthrough Built around your team, whether that is procurement, legal, IT or finance.
- 2 Your contracts, not ours Bring a few sample agreements and watch Aavenir AI extract and review them.
- 3 ServiceNow or standalone We show the deployment that fits the systems you already run.
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