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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

Purpose of Disclosure

Outlines the specific purpose for which the confidential information is being disclosed. This helps to limit the use of the information to the intended scope.

Purchasing Contracts

Purchasing Contracts involves agreements related to the procurement of goods or services. These contracts outline the terms and conditions governing the buying process, including pricing, delivery, and quality standards.

Purchase Order (PO)

A Purchase Order (PO) is a document issued by a buyer to a seller to officially request goods or services. It typically includes details such as product or service descriptions, quantities, prices, and delivery terms.

Promissory Note

A Promissory Note is a financial instrument that serves as a written promise to repay a specific amount of money by a specified date. It outlines the terms of the loan or debt agreement.

Project Scope

Clearly defines the scope of the work in a SOW, including the deliverables, milestones, and objectives. It specifies what the vendor or service provider is expected to accomplish.

Privacy Policy

Private Policy is a document that outlines how an organization collects, uses, and protects personal or sensitive information. While not a contract, privacy policies are crucial for legal compliance and transparency in data handling.

Product Demo

A Product Demo is a demonstration or presentation of a product's features and functionalities. In the context of contracts, a product demo may be used to showcase a CLM software's capabilities.

Procurement Processes

The series of steps involved in acquiring goods or services, including requisition, sourcing, and contract management.