Mastering Contract Lifecycle Management: A Comprehensive Guide with Kyta Platform

What is Contract Lifecycle Management (CLM)?

Contract Lifecycle Management (CLM) involves managing contracts throughout their entire lifecycle—from initial creation to execution, performance tracking, and eventual renewal or termination. It ensures every stage, from drafting and negotiation to compliance and renewal, is handled systematically and efficiently.

By leveraging CLM solution like Kyta Platform, organizations can streamline and automate each phase of the process, ensuring enhanced compliance, reduced risks, and better business outcomes.

8 Stages of Contract Lifecycle Management

Understanding the 8 stages of CLM allows businesses to optimize their workflows and manage contracts seamlessly:

1. Contract Request
The process begins with a request to create a contract, detailing important information such as parties involved, terms, and conditions. Using tools like Kyta Platform, you can streamline contract requests with built-in templates and automated approvals.

2. Contract Authoring
Contracts are drafted based on the agreed terms, ensuring clarity and compliance with legal standards. With Kyta Platform, users can create precise, regulation-compliant contracts quickly using pre-approved templates.

3. Contract Negotiation
Both parties discuss and adjust terms to reach a mutually agreeable contract. Kyta Platform facilitates transparent negotiations, offering a shared, secure workspace for edits and feedback.

4. Contract Approval
After finalization, contracts undergo an internal review process involving legal, financial, and departmental approvals. Kyta Platform automates approvals, ensuring faster and more transparent workflows.

5. Contract Signature
Parties sign the contract electronically or in person. Kyta Platform’s e-signature feature ensures a seamless and secure signing process, eliminating delays and reducing manual handling.

6. Contract Obligation Management
This phase tracks milestones, payments, and deliverables. Kyta Platform provides automated reminders and notifications, ensuring all obligations are met on time.

7. Contract Compliance
Organizations ensure all parties adhere to legal and regulatory requirements, minimizing risks. Kyta Platform’s compliance tracking tools help monitor performance, identify discrepancies, and ensure alignment with legal standards.

8. Contract Renewal
Before a contract expires, it is reviewed for potential renewal or renegotiation. Kyta Platform provides data-driven insights, enabling informed decisions about renewals and modifications.

Why Choose Kyta Platform for CLM?

Kyta Platform streamlines the entire contract lifecycle—from drafting to final renewal. By automating processes and centralizing contract management, Kyta enhances efficiency, reduces errors, and ensures regulatory compliance, making it an essential tool for modern businesses.

💡 Ready to transform your contract management process? Contact Kyta Platform today!