Implied Warranty
This is an unwritten and unspoken guarantee that certain aspects of a product or service are as expected. CLM systems may help in documenting and managing implied warranties to ensure that both parties understand the expectations and standards for performance.
Implied Warranty of Fitness for a Particular Purpose
This implies that a product or service is suitable for a specific purpose, even if it's not the product's main purpose.
Implied Warranty of Merchantability
This implies that a product is fit for its intended purpose and is of a quality typically expected in similar products.
Inbound Agreement
An Inbound Agreement is a contract that involves the receipt of goods, services, or intellectual property from an external party. It outlines the terms under which the organization receives these assets.
Incoterms
International Commercial Terms that define responsibilities of buyers and sellers in international trade transactions
Indemnification and Liability
Describes the responsibilities of each party in the case of legal claims, damages, or liabilities arising from the services provided.
Independent Contractor Agreement
An Independent Contractor Agreement is a contract that defines the terms of engagement between a hiring entity and an independent contractor. It outlines the scope of work, compensation, and other relevant details.
Industry Standards
Established norms and criteria that dIndustry Standards in CLM refer to established norms, practices, or guidelines within a specific industry. Contracts may incorporate industry standards to ensure compliance and best practices.efine acceptable practices within a specific industry, influencing how contracts are managed.