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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

Word Plugin

With a Word plugin for CLM, users can create, edit, and manage contracts seamlessly without leaving the Word application. This integration includes features such as template management, clause libraries, version control, and direct access to the CLM system's repository of contracts. It aims to improve user efficiency by providing a unified experience within the word processing software while ensuring that contracts adhere to the organization's contract management processes and policies.

Workflow Automation

Workflow automation in CLM brings several benefits, including improved efficiency, reduced errors, better collaboration among team members, and increased visibility into the status of contracts. It also helps organizations enforce compliance with internal policies and regulatory requirements throughout the entire contract lifecycle.

Workflows

Workflows refer to predefined, systematic processes that guide and automate the flow of tasks and actions associated with the lifecycle of a contract. These workflows help streamline and standardize the contract management process, ensuring that each contract undergoes a consistent series of steps from initiation to completion.

World Commerce & Contracting

World Commerce & Contracting (WCC), formerly known as the International Association for Contracts and Commercial Management (IACCM), is a not for profit association and the only global body promoting standards and raising capabilities in commercial practice. WCC is dedicated to helping their members from around the world achieve high performing and trusted trading relationships. They are committed to researching, advocating, improving capabilities and helping our members to connect to share knowledge and leading practice.

Warranty

A warranty is a statement or promise made by one party to another regarding the truth of certain facts or the performance of a product, service, or obligation. Warranties are commonly used in various types of contracts, such as sales agreements, product warranties, and service contracts. CLM platforms can assist in documenting warranty claims, breaches, and the resolution process. This documentation is valuable in case of disputes or legal actions.

Warranty Types

There are 2 main types of warranties: express warranty and implied warranty.

Warranty Validation

Warranty validation refers to the process of verifying and confirming that the terms and conditions of a warranty, as specified in a contract or agreement, have been met or are being adhered to. This process ensures that the party providing the warranty is fulfilling their obligations, and it allows the party receiving the warranty to validate and assert their rights under the terms of the agreement. CLM workflows may include stages for warranty validation, monitoring, and compliance checks. This ensures that parties fulfill their warranty obligations throughout the contract lifecycle.