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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

Contract Templates

Contract templates are pre-designed, standardized documents that serve as starting points for creating new contracts. Templates help streamline the contract drafting process by providing a consistent format and language for commonly used clauses.

Contract Terms

Contract terms refer to the specific provisions, conditions, and obligations outlined within a contractual agreement between parties. These terms define the rights and responsibilities of each party involved in the contract and establish the parameters for the execution and performance of the agreement. Contract terms are crucial elements that help prevent misunderstandings, disputes, and legal issues by clearly articulating the expectations and requirements of both parties.

Contract Version

Contract versioning is the process of managing different versions of a contract to ensure that parties are reviewing, negotiating, and signing the right copy. Contact version control is important because working on the wrong version of a contract can result in confusion and contractual disputes. Having a CLM in place can help keep contract versions in one centralized place.

Corporate Legal Operations Consortium (CLOC)

The Corporate Legal Operations Consortium (CLOC) is a global community of experts focused on redefining the business of law. By helping legal operations professionals collaborate with each other and with other industry players, including law firms, technology providers, and law schools, CLOC works to help set industry standards and practices for the profession.

Cost Control

Cost control refers to the management and monitoring of expenses associated with contracts. It involves strategies and measures to ensure that costs remain within budgeted limits and align with organizational goals.

Cost-plus Contracts

Cost-plus contracts are agreements where the buyer agrees to reimburse the seller for the costs incurred, along with an additional agreed-upon fee or percentage. These contracts are often used when the total project costs are uncertain.

Coupa Integration

Coupa integration is the seamless connection and interoperability between the CLM system and Coupa, a platform for business spend management. Integration streamlines procurement processes and enhances overall efficiency.

Customer Experience

Customer experience encompasses the overall satisfaction and perception of customers during their interactions with the contract management process. It involves user-friendly interfaces, efficient workflows, and positive engagement.