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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

Word Plugin

With a Word plugin for CLM, users can create, edit, and manage contracts seamlessly without leaving the Word application. This integration includes features such as template management, clause libraries, version control, and direct access to the CLM system's repository of contracts. It aims to improve user efficiency by providing a unified experience within the word processing software while ensuring that contracts adhere to the organization's contract management processes and policies.

Workflow Automation

Workflow automation in CLM brings several benefits, including improved efficiency, reduced errors, better collaboration among team members, and increased visibility into the status of contracts. It also helps organizations enforce compliance with internal policies and regulatory requirements throughout the entire contract lifecycle.

Workflows

Workflows refer to predefined, systematic processes that guide and automate the flow of tasks and actions associated with the lifecycle of a contract. These workflows help streamline and standardize the contract management process, ensuring that each contract undergoes a consistent series of steps from initiation to completion.

World Commerce & Contracting

World Commerce & Contracting (WCC), formerly known as the International Association for Contracts and Commercial Management (IACCM), is a not for profit association and the only global body promoting standards and raising capabilities in commercial practice. WCC is dedicated to helping their members from around the world achieve high performing and trusted trading relationships. They are committed to researching, advocating, improving capabilities and helping our members to connect to share knowledge and leading practice.

Unit Pricing Contracts

Unit Pricing Contracts involves pricing based on the quantity or units of goods or services provided. The total cost is calculated by multiplying the unit price by the quantity delivered or performed

Usage Metrics

Usage Metrics are used to measure and track the usage of services or products outlined in the contract. These types of metrics are typically tracked in CLM solutions to better understand the value you are getting from the system.

User Adoption

User Adoption refers to the degree to which users effectively and willingly utilize a new system or technology, such as a CLM platform. It measures how well the intended users embrace and integrate the system into their workflows.

User Conference

User Conference is is an event or gathering organized by a software provider or organization, bringing together users of a particular system or platform. It provides an opportunity for users to learn, network, and share experiences.