The contract lifecycle refers to the stages a contract goes through from its inception to its termination or expiration. The exact stages and their duration may vary depending on the type of contract and the parties involved, but generally, the contract lifecycle includes the following stages:

• Pre-contract,
• Contract Execution,
• Contract Performance,
• Performance Monitoring and Compliance,
• Contract Renewal,
• Contract Termination.

Throughout the contract lifecycle, it is essential to manage documentation, track changes, and revisions, and ensure compliance with legal and regulatory requirements. Effective contract management can help to reduce risk, improve efficiency, and enhance communication between the buyer and supplier.