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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

Validity Period

Quotes often have a specified validity period, indicating the duration during which the quoted prices and terms are applicable. This helps manage expectations and ensures that both parties are working with current and accurate information.

Vendor Contracts

Vendor contracts are formal contracts between a buyer and an external supplier. They outline terms such as product or service details, pricing, and delivery schedules, ensuring a clear understanding of the business relationship.

Vendor Management

The oversight and coordination of relationships with external suppliers, including managing their contracts and performance.

Vendor Onboarding

Vendor onboarding is the process of integrating new suppliers or vendors into a business's operations and systems. It involves the necessary steps to establish a productive and compliant relationship with a new vendor, ensuring that they meet the business's requirements and standards.

Vendor Onboarding Components

Vendor onboarding components typically include registration and documentation, contracts and supporting documents, verification of information, compliance checks, risk assessments, training and communication, and performance metrics.

Vendor Reputation

The reputation of a CLM vendor is an essential factor to look out for when evaluating the right fit for your organization. Organizations should consider vendor reviews, testimonials, and industry recognition when selecting a CLM solution. A positive reputation reflects the vendor's commitment to delivering a reliable and effective CLM software.

Vendor Service Agreeement

Legal contract that defines the terms and conditions governing the relationship between a company (the buyer or customer) and a vendor (the service provider). This type of agreement is used when a company engages a vendor to provide specific services. CLM platforms assist in the creation, negotiation, approval, and management of Vendor Service Agreements by providing a centralized and organized system for storing contract documents, tracking key dates, and facilitating collaboration among stakeholders.

Version Control

The management of different versions of a contract to track changes, updates, and ensure the use of the latest and approved version.