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The Importance Of Version Control In Contract Lifecycle Management

Know the Document Version You are Working With Version control is a crucial aspect of Contract Lifecycle Management (CLM). When working with an agreement, it is important to know that the version you are working with is the proper version, whether it is the most recent iteration, the final version or a previous one. Unknowingly working with the wrong version of a contract can have a significant impact on an organization, creating the potential for unintended contractual commitments or missed contractual obligations. Either circumstance can negatively affect a company's bottom line. Having the necessary tools and procedures in place to monitor and control each contract iteration is essential

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