Memorandum of Understanding (MOU)
A Memorandum of Understanding in CLM is a non-binding agreement that outlines the intentions and basic terms of a collaboration or partnership between parties. It serves as a precursor to a formal contract.
Metadata and Tagging
CLM Word plugins allows users to add metadata, tags, or annotations to contract documents. This additional information aids in searchability, categorization, and organizing contracts within the CLM system.
Migration
Migration refers to the process of transferring contract data, documents, or systems from one platform or location to another. It ensures a smooth transition while maintaining data integrity.
Monitoring and Compliance
Monitoring and compliance refers to how a CLM system monitors key milestones and deadlines specified in the contract, sending automated notifications and alerts to stakeholders.
Mutual Agreement
Mutual Agreement signifies that all involved parties have reached a consensus and willingly accepted the terms outlined in a contract. It highlights the agreement's collaborative nature