Contract Lifecycle Management (CLM) systems support approval workflows. In a typical organization, several individuals in several departments can be involved in approving the contracts. The approval workflow can flow from one set of individuals in a department to another sequentially or in parallel. For example, contract manager may first send it to legal, then accounting followed by data privacy and other departments. Within these departments several individuals may be required to approve the workflow or one of many can approve the workflow.
Also known as: Contract Lifecycle Management