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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

Termination for Convenience

Termination for Convenience is a contractual provision that allows one party to terminate the contract without specific cause or fault. This is often included to provide flexibility for either party to end the agreement under certain conditions

Termination Notice

Termination Notice is a formal communication provided by one party to another, indicating the intent to terminate a contract. It typically outlines the reasons for termination, the effective date, and any relevant procedures.

Terms and Conditions

Terms and Conditions in a contract specify the rules, obligations, and rights of the parties involved.

Term and Termination

Specifies the duration of the agreement and the conditions under which either party can terminate the contract. It may also include provisions for renewal.

Terms of Service

Terms of Service are the contractual terms and conditions that users must agree to when using a service or platform. They outline the rules, obligations, and limitations associated with using the provided services.

Terms of Use Agreement

A Terms of Use Agreement is a legal contract that establishes the terms and conditions under which users are allowed to access and use a website or application. It often covers user conduct, privacy policies, and intellectual property rights.

Time and Materials Contracts

Time and Materials Contracts are agreements where the client pays for the time spent by the service provider and the cost of materials used. These contracts are commonly used when the scope of work is difficult to define in advance.

Timeline and Milestones

Outlines the expected timeline for the project in a SOW, including start and end dates, as well as any interim milestones or deadlines.