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business contracts go through several complicated steps from inception determination the culmination of all these actions constitutes the contract management life cycle effectively managing contracts throughout their life cycle is crucial for organizations to achieve their business objectives here are the typical stages of the contract management life cycle to get you started the first stage is contract creation during which one party initiates a contract request to another it involves drafting the legal agreement defining its purpose and determining the terms and conditions during the next stage of the contract life cycle the relevant parties and stakeholders negotiate with each other to reach mutually acceptable terms collaboration and contract redlining allow parties to reach an agreement after negotiations the contract goes through the review and approval process these approval chains typically include Legal Financial and operational teams the appropriate authorities sign the approved contracts in the execution phase of the contract management life cycle it usually only requires one signatory from each party to sign on the dotted line in the post-execution stage the involved parties ensure everyone is keeping with contractual terms conditions and obligations it helps to establish compliance and performance as part of the contract life cycle parties must also keep track of significant contract milestones and dates it involves monitoring renewal and expiry dates in the reports and analytics stage of the contract life cycle businesses can create custom reports to identify opportunities for improvement or cost savings the easiest and fastest to optimize every stage of the contract management life cycle is to adopt an all-in-one solution like Doc 365. it offers guaranteed benefits for every business