Contract Drafting
Contract drafting is the process of creating the initial version of a contract. It involves carefully crafting the terms and conditions to reflect the intentions and agreements of the parties involved.
Contract Elements
Contract elements are the essential components that make up a contract, including parties involved, obligations, payment terms, and other specific clauses. Understanding and managing these elements is crucial in CLM.
Contract Execution
Contract execution is the formal process of signing and finalizing a contract by all involved parties. It marks the point at which the contract becomes legally binding and enforceable.
Contract Lifecycle Management (CLM) Software
Contract lifecycle management, otherwise known as CLM, encompasses the entire process of managing contracts from creation and negotiation to execution, compliance monitoring, and renewal or termination.
Contract Management
Contract management involves the systematic administration and oversight of contracts throughout their lifecycle. It includes tasks such as creation, negotiation, approval, compliance monitoring, and renewal or termination.
Contract Management Maturity
Contract management maturity is the assessment of the level of sophistication and effectiveness of an organization's contract management processes. It considers factors such as technology adoption, compliance, and overall efficiency.
Contract Metrics
Contract metrics involves the use of key performance indicators (KPIs) to measure and evaluate the performance and effectiveness of contract management processes. Metrics may include cycle time, compliance rates, and cost savings.
Contract of Adhesion
A contract of adhesion is a standard form contract drafted by one party and presented to the other on a take-it-or-leave-it basis. In CLM, these contracts may raise considerations related to fairness and negotiation power.