Contract Lifecycle Management (CLM) services involve the management of an organization’s contracts from the point of their creating until their ultimate performance or expiry and potential renewal. The utilisation of CLM services can increase efficiency and drive down costs, as well as minimize clients’ legal risk exposure stemming from regulatory non-compliance or unfulfilled contractual obligations.
EY Law assists clients in reducing the time cost of preparing contracts by leveraging technology and legal processes to transform the burdens of contracting into a business asset. Our CLM services include the development of templates to streamline the creation of core contracts that are central in the client’s operations, as well as ongoing risk identification to notify the client regarding potential issues and minimize the margin for error. Standardization of contracts significantly greases the wheels of negotiations as the client and its counterparties can easily modify and renew contracts, thereby expediting the conclusion of inter-party contractual arrangements.
Examples where clients find CLM useful: