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Corporations have worked with contracts for centuries, but the role of contracts has grown significantly over the past few decades. Contracts have wandered out of the filing cabinet and become a part of doing business today, especially in a virtual world.
In the digital age, contracts are no longer static documents, but critical databases. In addition, contracts serve as the DNA for business relationships. They represent the instruction code for the relationships that add business value. Nowadays it is essential for companies to improve their contract conclusion, gain insight into this data set and use the knowledge gained to drive commercial activities. Businesses need to do this as their businesses change, grow, and respond to crises. For this reason, contract lifecycle management (CLM) software is at the heart of the legal departments.