The official business definition of CLM stands for Contract Lifecycle Management. It is a comprehensive process that helps organizations to manage the entire lifecycle of their contracts, from initial negotiation to final renewal or termination. This process is designed to help organizations maximize the value of their contracts and ensure compliance with legal and regulatory requirements. It also helps to reduce the risk of disputes and costly litigation. CLM includes a range of activities such as contract drafting, negotiation, review, approval, execution, monitoring, and reporting. It also includes contract analytics, which helps organizations to better understand their contractual obligations and performance. CLM is an important part of any organization’s overall risk management strategy and is essential for organizations to ensure that their contracts are effective and compliant.