Contracts define the responsibilities, rights, and obligations for the enterprise relationship with suppliers, vendors, partners, customers, or employees. They play an instrumental role in mitigating risk associated with commercial or non-commercial commitments between two entities in the business ecosystem. Contract lifecycle management is the process of managing contract authoring, execution, and active monitoring to derive maximum value and minimize underlying risk in contracts. The CLM process streamlines and automates contract processes in all stages from initiation of contracts to renewal of contracts.