The official business definition of Stages of Contract Lifecycle Management (CLM) is a comprehensive approach to managing contracts throughout their entire lifecycle. This includes all aspects of the contract from initial drafting to final execution, as well as any associated post-execution activities. CLM is designed to ensure that contracts are managed efficiently and effectively, and that all parties involved in the contract are kept informed of any changes or updates. The stages of CLM include the initiation phase, negotiation phase, execution phase, and post-execution phase. During the initiation phase, the contract is drafted and reviewed by all parties involved. During the negotiation phase, any changes or updates to the contract are discussed and agreed upon. During the execution phase, the contract is signed and the obligations of each party are fulfilled. Finally, during the post-execution phase, any follow-up activities related to the contract are completed. CLM is an essential tool for businesses to ensure that contracts are managed effectively and efficiently, and that all parties involved are kept informed of any changes or updates.