Procurement Contract Lifecycle Management is the process of managing and overseeing all stages of a contract’s life, from its conception to its implementation. It involves activities such as developing contracts, negotiating prices, getting approvals, and tracking performance. By taking a proactive approach to managing contracts, organizations can maximize their chance of success, improve efficiency, reduce costs, and ensure compliance with laws and regulations. The end goal of contract lifecycle management is to create mutually beneficial relationships between buyers and suppliers that are based on trust and successful outcomes.