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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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Non Disclosure Agreements (NDA)

Non-Disclosure Agreements are contracts that establish confidentiality between parties. They prevent the disclosure of certain information and are commonly used when sharing sensitive data during business discussions. CLM platforms streamline the management of NDAs by providing a centralized repository for storing NDA templates, tracking the negotiation and approval process, and ensuring compliance with the terms of the agreement. This helps organizations efficiently handle the creation and administration of NDAs while maintaining control over their confidential information.

Non-Solicitation Agreement

Prohibits one party from soliciting the employees or customers of another party.

Non-Compete Agreement

A Non-compete Agreement restricts one party from engaging in competitive activities against another party for a specified duration or within a defined geographic area after the termination of a business relationship.

Negotiation

The process of discussing and reaching an agreement on the terms and conditions of a contract between parties.