Contract Workflow Management (CLM) 3rd-Party Platform
A Contract Workflow Management (CLM) 3rd-Party Platform is a document workflow management platform that is a legal software platform to support the development of contract workflow management systems.
- AKA: Contract Lifecycle Platform.
- Context:
- It can integrate with other Legal Contract Systems, such as contract review platforms.
- It can (often) include Contract Management Platform (CMP) features.
- It can be a component of a Contract Lifecycle Management (CLM) Platform.
- It can range from being a Self-Hosted CLM Platform to being a Cloud-based CLM Platform.
- ...
- Example(s):
- a Docusign CLM Platform (by DocuSign Corp.)
- an Ironclad CLM Platform (by Ironclad Corp.).
- a Conga Contracts Platform (by Conga Corp.).
- an Evisort Contract Intelligence Platform (by Evisort Corp.),
- an Agiloft CLM (by Agiloft, Inc.).
- a Clio CLM (by Clio Corp.).
- …
- Counter-Example(s):
- See: Contract Workflow, Contract LifeCycle, Contract Law, Contract Database, Contract Drafting Task, Contract Creation, Contract AI System, Legal AI Chatbot.
References
2023
- (GBard, 2023) ⇒ prompt. Bard, Google, 2023. https://bard.google.com
- The term Contract Management Platform (CMP) is often used interchangeably with the term Contract Lifecycle Management (CLM) Platform. However, there is a subtle difference between the two terms.
A CLM platform is a comprehensive solution that covers all aspects of the contract lifecycle, from creation and negotiation to execution and management. A CMP, on the other hand, is focused specifically on the management of contracts. This means that a CMP may not offer all of the same features as a CLM platform, such as contract authoring and negotiation tools.
However, some CMPs do offer a wider range of features than others. For example, some CMPs include features such as contract analytics, contract collaboration, and contract security.
Ultimately, the best type of platform for your organization will depend on your specific needs. If you need a comprehensive solution that covers all aspects of the contract lifecycle, then a CLM platform is the best option. If you are primarily looking for a solution to help you manage your contracts, then a CMP may be sufficient.
- Here is a table that summarizes the key differences between CLM platforms and CMPs:
- The term Contract Management Platform (CMP) is often used interchangeably with the term Contract Lifecycle Management (CLM) Platform. However, there is a subtle difference between the two terms.
| Feature | CLM platform | CMP |
|---|---|---|
| Contract creation and authoring | Yes | No (not all CMPs offer this feature) |
| Contract negotiation and approval | Yes | No (not all CMPs offer this feature) |
| Contract execution | Yes | Yes |
| Contract management and compliance | Yes | Yes |
| Contract analytics | Yes (some CLM platforms offer this feature) | No (CMPs typically do not offer this feature) |
| Contract collaboration | Yes (some CLM platforms offer this feature) | No (CMPs typically do not offer this feature) |
| Contract security | Yes (some CLM platforms offer this feature) | No (CMPs typically do not offer this feature) |
2023b
- (Gartner Peer Insights, 2023) ⇒ https://www.gartner.com/reviews/market/contract-life-cycle-management
- QUOTE: Gartner defines contract life cycle management (CLM) software as an application that proactively manages contracts from the initiation stage through the award, compliance and renewal stages. In this context, a contract is any agreement or contractual document containing rights and obligations that affect an organization now or in the future (for example, a nondisclosure agreement).
2023c
- (G2, 2023) ⇒ https://www.g2.com/categories/contract-lifecycle-management-clm
- QUOTE: Contract Lifecycle Management (CLM) software is used to streamline the entire contract lifecycle process, from pre-signature to post-signature. Unlike contract management software, CLM software helps users manage actions post-signature (or post-execution), including obligation tracking, performance and compliance management, and dispute resolutions. This type of software assists businesses in ensuring all internal and external parties understand and deliver on their contractual obligations by centrally storing all obligation terms and communications. Additionally, CLM software provides visibility into the performance of contracts as well as risk mitigation for non-compliance.