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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

Parallel Approvals

Parallel Approvals involves a simultaneous review and approval process where different stakeholders or departments assess and authorize a contract concurrently. This approach is used to expedite the approval timeline.

Partnership Agreements

Partnership Agreements are contracts that establish the terms and conditions of a partnership between two or more entities. These agreements outline the collaborative efforts, responsibilities, and benefits of the involved parties.

Payment Terms

Details the payment structure, including the pricing model, payment schedule, and any additional costs or fees associated with the services.

Performance Metrics

Establishes measurable criteria or key performance indicators (KPIs) that the parties agree to meet during the contract period. This helps in assessing the quality and success of the services or products being provided.

Performance Obligations

Within a contract, there are performance obligations—commitments to deliver goods or services. Revenue recognition principles dictate when and how revenue is recognized based on the satisfaction of these performance obligations.

Permitted Disclosures

Enumerates any situations where the receiving party is allowed to disclose the confidential information, such as to employees or contractors who need to know the information for the stated purpose.

Post Award

Post Award refers to the phase of the contract lifecycle that occurs after the contract has been awarded or executed. This phase involves contract implementation, performance monitoring, and compliance management.

Pre Award

Pre Award pertains to the period before a contract is officially awarded or executed. Activities during this phase may include drafting, negotiations, and the evaluation of proposals or bids.