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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

Automation

Automation is the use of technology to streamline and automate contract management processes, reducing manual efforts and errors.

Automated Workflows

Automated workflows are systematic and rule-based automation of tasks, processes, and approvals involved in managing the lifecycle of contracts. These automated workflows are designed to streamline and standardize the contract management process, reducing manual intervention, improving efficiency, and ensuring adherence to predefined business rules.

Automated Notifications

Automated notifications are CLM-generated alerts and messages that are automatically sent to relevant stakeholders based on predefined events or triggers within the contract management process. These notifications serve to keep users informed, prompt them to take specific actions, and ensure that key milestones or deadlines are not overlooked.

Audit Trail

Audit trail is a record that chronologically captures and documents all activities and changes made to a contract, ensuring transparency and accountability.

Audit Readiness

Audit readiness is the state of preparedness for contract audits. It involves maintaining accurate and organized contract documentation, ensuring compliance with regulations, and having systems in place to facilitate smooth audits

Assumptions and Dependencies

Identifies any assumptions made during the creation of a SOW and dependencies that may impact the successful completion of the work.

Association of Corporate Counsel (ACC)

The Association of Corporate Counsel, founded as the American Corporate Counsel Association in 1983, is a professional association serving the business interests of attorneys who practice in the legal departments of corporations, associations and other private-sector organizations around the world. ACC promotes the common professional and business interests of in-house counsel through information, education, networking opportunities, and advocacy initiatives.

Assessment

Assessment is the evaluation and analysis of contracts to determine their compliance, risks, and overall performance. It helps organizations make informed decisions about the status and effectiveness of their contracts.