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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.

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Benchmarking is comparing contract management processes or performance metrics against industry best practices to identify areas for improvement.

Beta Agreement

A Beta agreement is a contractual arrangement outlining terms and conditions for the testing and evaluation of a pre-release or beta version of a product or service. It establishes the rights, responsibilities, and limitations of both parties during the beta testing phase.

Bilateral Contracts

Bilateral contracts are agreements between two parties, where each party makes promises to the other. These contracts typically bind both parties to specific obligations, and performance by one party is often contingent on the performance of the other.

Bill of Sale

Bill of sale, also known as a sales agreement, this contract transfers property between two parties. It recognizes the transfer of rights between a seller and a buyer. Owners use this contract to prove ownership of a piece of land whenver such a scenario arises.

Billing and Invoicing

CLM systems often handle billing and invoicing processes, which are closely tied to revenue recognition. Proper documentation of delivered goods or completed services, as managed by CLM, contributes to accurate invoicing and revenue recognition.

Business Case

Business case is a document that justifies the initiation of a contract or project. It includes a detailed analysis of the anticipated benefits, costs, and risks associated with the proposed contract, helping stakeholders make informed decisions.

Business Flow

A business flow is the sequence of steps and processes involved in managing contracts within an organization. It encompasses contract creation, negotiation, approval workflows, execution, and ongoing management throughout the contract lifecycle.