The seven stages of contract lifecycle management for organisations ensure that the contracts are handled efficiently and effectively.

1. Stages of
Contract
Lifecycle
Management

2. The seven stages of contract lifecycle management for
organizations ensure that the contracts are handled
efficiently and effectively. Contract Lifecycle Management
helps to minimize risk, reduce costs, and increase
efficiency.

3. This stage involves identifying
the need for a contract, defining
the scope of work, and
identifying the parties involved.
1.Contract Initiation

4. In this stage, the terms and
conditions of the contract are
negotiated and agreed upon by
both parties.
2. Contract Negotiation

5. 3. Contract Approval
Once the contract has been
negotiated, it must be
approved by the relevant
stakeholders.

6. This stage involves signing the
contract, implementing the
agreed-upon terms and
conditions, and putting the
contract into action.
4. Contract Execution

7. During this stage, the
contract is monitored to
ensure that all parties are
complying with their
obligations.
5. Contract Monitoring

8. At the end of the contract
term, the contract may be
renewed or allowed to
expire.
6. Contract Renewal

9. This stage involves finalizing all
aspects of the contract, including
payment, dispute resolution, and
the release of any liabilities.
7. Contract Closure

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Germany
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