Contract
A contract is a legally binding agreement between two or more parties that outlines the terms and conditions governing their relationship. It serves as the foundation for the business relationship and is subject to legal enforcement.
Contract Administration
Contract administration involves the day-to-day management and oversight of contracts. It includes tasks such as tracking key dates, managing amendments, and ensuring that parties fulfill their contractual obligations.
Contract Amendments
A formal document that modifies, adds, or removes terms and conditions from an existing contract.
Contract Atomization
Contract atomization is a contract management strategy that involves managing contract components as smaller reusable components. It creates the building blocks of a sustainable CLM solution with reuse and remix of contract elements from from capabilities like a clause library, playbook with workflow templating, improving cycle time and total contracting experience.
Contract Authoring
Contract authoring is the creation and drafting of contracts. It involves the collaborative process of defining terms, adding clauses, and finalizing the document for review and approval.
Contract Automation
Contract automation involves using technology, such as AI and workflow tools, to automate various aspects of the contract lifecycle, including drafting, approval workflows, and compliance monitoring.
Contract Award
The contract award refers to the official selection of a vendor or supplier after a competitive bidding process. It involves issuing a formal contract to the chosen party, outlining the terms and conditions of the agreement.
Contract Data
Contract data includes all relevant information and details stored within a contract. In CLM, managing contract data involves organizing, securing, and making this information accessible for analysis and reporting.