A life cycle of a contract is the entire lifespan of an agreement between two or more parties, from initial contact through completion and resolution. It encompasses all stages from development to negotiation, signature, implementation, management and eventual termination. Contracts can be used for a variety of purposes including protecting each party’s interests throughout their business relationship. Through implementing sound practices for contract life cycle management, organizations can ensure that all agreements are properly negotiated, signed, tracked and fulfilled in a timely manner. By understanding how contracts work and the various steps involved, organizations can reduce time and risk while helping foster positive outcomes.