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CLM Glossary

From contract initiation to execution, this guide is crafted to assist contract professionals in grasping the nuances of contract lifecycle management.

All A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Security and Privacy Addendum

A Security and Privacy Addendum is an additional document attached to a contract that specifically addresses security and privacy considerations. It outlines measures and obligations related to the protection of sensitive information.

Sell-Side Contracting

Sell-Side Contracting refers to the process of creating, negotiating, and managing contracts from the perspective of the selling party. It involves the preparation of agreements that meet the selling organization's terms and conditions.

Serial Approvals

Serial Approvals involves a sequential process where contract approvals are obtained one after the other, often passing through multiple levels or departments. Each approver reviews and approves the contract in a predefined order.

Service Agreement

A Service Agreement is a contract that outlines the terms and conditions governing the provision of services by one party to another. It includes details such as service scope, payment terms, and performance expectations.

Service Level Agreement

A Service Level Agreement, otherwise known as an SLA, specifies the agreed-upon levels of service in terms of quality, availability, etc. When looking at a CLM solution, it's important to understand support response time.

Service Levels and Performance Metrics

Specifies the standards of performance that the vendor is expected to meet. This may include quality standards, response times, and other measurable metrics.

Shrinkwrap Agreement

A Shrinkwrap Agreement is a type of software license or contract where the terms are presented to the user inside the product's packaging. The user accepts the terms by breaking the shrinkwrap or using the software.

Simple contracts

Simple Contracts are agreements that are uncomplicated and typically involve straightforward terms. These contracts are often used for routine transactions and may not require extensive negotiation or complex provisions.