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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

Sustainability Clause

Addresses the environmental and social responsibility aspects of the contract.

Supply Chain Management

Supply Chain Management (SCM) involves the coordination and optimization of processes related to the production, procurement, and distribution of goods or services. Contracts within SCM govern relationships with suppliers, manufacturers, and distributors.

Subscription Agreement

A subscription agreement outlines the terms and conditions for subscribing to a service or product over a specified period, often involving recurring payments.

Subcontractor Agreement

A subcontractor agreement establishes the terms between a contractor and a subcontractor, defining the scope of work and responsibilities. Subcontractor agreements are particularly relevant and important in industries where projects often involve multiple tiers of contractors or specialized services such as construction, manufacturing, defense, oil & gas, telecommunications, and more.

Strategic Sourcing

Strategic sourcing is the process of identifying, evaluating, and engaging suppliers strategically.

Strategic Procurement

The alignment of procurement activities with the broader strategic goals and objectives of the organization.

Strategic Procurement Agreement

A strategic procurement agreement outlines the terms and conditions for procuring goods or services in a strategic and cost-effective manner.

Statement of Work (SOW)

A Statement of Work (SOW) is a document outlining the scope, deliverables, and tasks in a project or contract. It clarifies expectations and serves as a guide for both parties involved. CLM platforms facilitate the creation, negotiation, and management of Statements of Work by providing a structured environment for collaboration, version control, and tracking of changes. This ensures that all parties have a clear understanding of the project scope and expectations, and it helps streamline the overall contract lifecycle.