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Contract Lifecycle Management (CLM) Glossary

The Contract Lifecycle Management Glossary is useful because it provides a complete resource for understanding key contract management terms. You can increase your ability to negotiate, execute, monitor, and close out contracts by becoming familiar with the words in the glossary.

A

Acceleration Clause

A provision in a contract that allows one party to accelerate the performance of their obligations, usually in the case of a default by the other party.

Agreement

A legally binding contract between two or more parties.

Alteration

A modification or change made to the original agreement, which must be agreed upon by both parties.

Amendment

A change or modification made to a contract.

Assignee

The party to whom rights or responsibilities under a contract are transferred.

Audit Clause

A provision in a contract that allows one party to audit the records of the other party in order to ensure compliance with the terms of the contract.

Automation

The use of technology to streamline and automate various tasks and processes related to contract management.

B

Breach of contract

A failure by one or more parties to fulfill their obligations as outlined in a contract.

Business Process Automation

The use of technology to automate repetitive, manual tasks in the contract lifecycle management process, such as routing contracts for review and approval.

Business-to-Business

Contracts between companies, rather than between a company and a consumer.

C

Clause

A specific provision or section within a contract that sets out the rights and obligations of the parties involved.

Collaboration

The ability for multiple users to work together on a contract at the same time, in real-time, to speed up the review and negotiation process.

Contract

A legally binding agreement between two or more parties.

Contract Creation

The process of drafting and finalizing a contract, including negotiating the terms and obtaining approvals from all parties involved.

Contract Execution

The process of formally executing or signing a contract, making it legally binding.

Contract Management

The overall process of managing contracts throughout their lifecycle, including creation, execution, and ongoing administration.

Compliance

The process of ending a contract before its expiration date, either by mutual agreement of the parties involved or due to a breach of contract.

Contract Analytics

The ability to analyze and report on contract data, such as contract spend, supplier performance, and expiration dates.

Compliance

The act of following the rules, regulation, standards and policies as per the contract.

Counterparty

The other party involved in a contract.

D

Deliverables

The goods or services that must be provided by one party to the other under the terms of a contract.

Disclosure

The act of revealing or making known any relevant information about a contract.

Dispute

The process of resolving disputes or conflicts that arise between the parties to a contract. This can include mediation, arbitration, or legal action.

Drafting

The initial creation of a contract, typically done by legal professionals or the parties involved.

Due Diligence

The investigation and analysis of a potential business partner or investment, performed before entering into a contract, to assess the risks and potential benefits of the relationship.

Duration

The length of time for which a contract is valid.

E

Electronic Signature

A digital representation of a signature, which is legally binding and used in many contract management software to execute contracts electronically.

E-contract

A contract that is created, executed, and stored electronically.

Evaluation

The process of assessing the performance of a contract management system to determine if it meets the needs of the organization.

Execution

The process of signing and finalizing a contract, making it legally binding.

Expiration

The date on which a contract will no longer be valid.

Extension

The process of extending the term of a contract beyond its original expiration date.

Enforcement

The process of ensuring that both parties to a contract are fulfilling their obligations as outlined in the contract.

F

Fulfillment

The process of carrying out the terms and conditions of a contract.

Fee management

The process of managing fees associated with a contract, such as legal fees, consulting fees, and administrative fees.

Force majeure

A clause that allows a party to be excused from fulfilling their obligations in a contract if certain events occur, such as natural disasters or war.

G

Generation

The process of creating new contracts based on predefined templates and customizing them according to the requirements.

Governance

The process of establishing and maintaining policies and procedures for managing contracts and ensuring compliance with legal and regulatory requirements.

General Terms and conditions

The general terms and conditions that are common in most of the contracts, such as payment terms, termination clauses, and warranties.

I

Integration

The process of connecting a CLM system with other software and systems, such as CRM, ERP, and accounting, to streamline contract management and automate data exchange.

Indexing

The process of organizing and categorizing contracts for easy retrieval and searching.

Implementation

The process of setting up and installing a CLM system, including configuring the system, training users, and migrating data.

K

Key performance Indicator (KPI)

A measurable value that indicates how well a company is achieving key business objectives.

L

License

The process of managing contracts related to licenses, including agreements for the use of intellectual property or software.

Liability

Being accountable in law for something.

Lifecycle management

The process of managing the entire contract lifecycle, from formation to execution and closing.

Litigation

The process of managing legal disputes that may arise in relation to a contract.

M

Monitoring

The process of tracking the progress and performance of a contract to ensure that it is being executed as intended.

Milestone

The process of tracking the progress and performance of a contract to ensure that it is being executed as intended.

Metrics

Quantifiable measurements used to evaluate the performance of a contract, such as cost, schedule, and quality.

Managed Services

The process of outsourcing the management of a contract to a third-party provider.

Maintenance

The process of keeping a contract up-to-date and ensuring that it continues to meet the needs of the parties involved.

Master Services Agreement

A contract that outlines the general terms and conditions for multiple contracts between the same parties.

N

Negotiation

The process of discussing and agreeing on the terms of a contract with the other party or parties.

Non-Disclosure Agreement (NDA)

A legal contract between two or more parties to protect confidential information shared during the negotiation or execution of a contract.

Non-compliance

A failure to comply with the terms and conditions of a contract.

Notification

The process of informing parties about important events, such as contract renewals, expirations, and terminations.

O

Obligations

The process of managing the obligations of the parties involved in the contract to ensure that they are fulfilled in a timely and satisfactory manner.

Offer

A proposal or bid to enter into a contract.

Onboarding

The process of introducing new parties to a contract, including providing them with the necessary information and training.

Order Management

The process of managing purchase orders and other contracts related to the purchase of goods or services.

P

Party

A person, organization, or entity involved in a contract.

Payment

The transfer of funds from one party to another in exchange for goods, services, or works performed under a contract.

Policy

A set of rules, guidelines, or procedures that govern the execution and management of contracts.

Provision

A clause or section within a contract that outlines specific rights, obligations, or requirements.

Purpose

The reason or objective for which a contract is executed.

R

Renegotiation

The process of revising or modifying the terms of an existing contract.

Risk Management

The process of identifying, assessing, and prioritizing risks associated with a contract, and developing strategies to mitigate or manage those risks.

Renewal

The process of extending the term of an existing contract.

Regulation

 A set of laws and rules that govern the actions and behaviors of parties involved in a contract.

S

Signature

The act of signing a contract, indicating acceptance of its terms and conditions.

Service Level Agreement (SLA)

A contract that defines the minimum level of service that a supplier must provide to a customer.

Scope of Work

The specific tasks, deliverables, and responsibilities that are defined and agreed upon in a contract.

Schedule

The timeline for the completion of tasks, deliverables, and other obligations under a contract.

Stakeholders

Individuals or organizations that have a vested interest in the successful completion of a project or the performance of a contract.

T

Termination

The end of a contract, which can occur either naturally through completion of the agreed-upon terms or prematurely through mutual agreement or breach of contract by either party.

Template

A pre-formatted document used as a starting point for creating new contracts.

Third-party

An entity other than the two primary parties involved in a contract, who may be involved in some aspect of the contract performance.

Transition

The process of moving from one contract to another, or from one stage of a contract to the next.

Terms and Conditions

A section of a contract that outlines the specific details and rules agreed upon by the parties involved. It may include items such as payment terms, delivery schedules, and responsibilities of each party.

U

Updating

The process of making changes to an existing contract.

V

Validation

The process of verifying that a contract meets the necessary requirements and standards.

Vendor Management

The process of managing and overseeing the relationship between a buyer and a supplier.

Version Control

The process of maintaining different versions of a contract and tracking changes made over time.

Violation

A breach of the terms and conditions of a contract.

Visibility

The level of transparency and access to information related to a contract.

W

Warranties

A promise made by a party in a contract that a product or service will meet certain standards or specifications.

Workflow Management

The process of managing and automating the steps involved in the contract lifecycle.

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