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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

Review

Review involves the critical examination of a contract or document to assess its accuracy, completeness, and compliance with legal and organizational standards. It is a crucial step in the contract lifecycle to ensure quality and mitigate risks.

Risk Assessment

Risk Assessment is the process of evaluating potential risks associated with a contract or a business decision. It involves identifying, analyzing, and prioritizing risks to make informed decisions and implement risk mitigation strategies.

Risk Management

Risk management is the identification, assessment, and mitigation of potential risks associated with contracts and business activities.

Reciprocal NDA

A Reciprocal NDA is an agreement in which both parties keep each other's information confidential.

Redline

Redine refers to the process of marking changes and revisions in a contract. Redlining is commonly used during negotiations, and the tracked changes are often displayed in red to highlight modifications made to the original document.

Regulatory Compliance

Adherence to laws, regulations, and industry standards relevant to contract management activities.

Release of Liability Agreement

A Release of Liability Agreement is a legal document that absolves one party from liability for certain actions, risks, or events. It outlines the terms and conditions under which the releasing party agrees not to hold the other party responsible for specified matters.

Renewals

Contracts reaching the end of their term are either terminated or renewed based on organizational needs. CLM solutions can identify opportunities for contract renewal and initiates the renewal process.