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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

Forum Selection Clause

Specifies the jurisdiction or court where disputes arising from the contract will be resolved.

Franchise Agreement

A Franchise Agreement is a contract that outlines the terms and conditions under which a franchisor grants the right to an individual or entity (franchisee) to operate a franchise business.

Force Majeure

A clause that addresses unforeseen circumstances (like natural disasters) that may prevent the fulfillment of contractual obligations.

Funding

Funding is the allocation and management of financial resources to support contractual obligations and projects. It includes budgeting, sourcing funds, and financial planning.

Finance

Finance teams play an important role in contracts, including budgeting, cost analysis, and financial considerations related to contractual obligations.

Field Mapping

Field mapping typically refers to the ability to map relevant fields in the CLM system for easy extraction and retrieval.

Fixed-price contracts

Fixed-price contracts are agreements where the total contract price is predetermined and does not change, regardless of the actual costs incurred by the seller. It provides cost certainty to the buyer.