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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

Legal technology

Legal Tech refers to the use of technology, software, and innovative tools to streamline and improve legal processes, including contract creation, management, and analysis.

Legal Week

Legal Week refers to an event or series of events dedicated to legal professionals, providing insights, updates, and discussions on legal industry trends, innovations, and best practices

License Agreement

A License Agreement is a contract that grants permission to use, distribute, or sell intellectual property, such as software, patents, or trademarks. It outlines the terms and conditions of the license.

Lifecycle

The entire span of a contract from its creation to its termination or expiration.

Liquidated Damaages

A predetermined amount of compensation for specific breaches of contract.

Limitation of Liability

Limitation of Liability, otherwise known as the LoL clause, is a contractual provision that restricts the amount and types of damages that can be claimed in the event of a breach. It sets limits on the financial responsibility of the parties.

Large-Language Model (LLM)

Large Language Models (LLM) refer to advanced machine learning models that are specifically designed for natural language processsing tasks. These models are trained on massive amounts of textual data and have a vast number of parameters, enabling them to learn complex patterns, structures, and semantics of human language.

Lease Agreements

Lease Agreements are contracts that outline the terms and conditions for renting or leasing real estate or assets. They specify details such as rent, duration, and responsibilities of the parties involved.