Contract Redlining
Contract redlining involves marking changes and revisions made to a contract document. Traditionally, redlining was done with a red pen to highlight additions, deletions, or modifications. In a digital environment, redlining is often done using tracked changes or annotations in Word or your CLM platform.
Contract Repository
A contract repository is a centralized and organized database or storage system that houses and manages all contract-related documents and information throughout their lifecycle. The contract repository serves as a secure and easily accessible repository for storing, retrieving, and tracking contracts, making it a fundamental component of effective contract management.
Contract Request
Contract request is the formal initiation of the contract creation process. It involves submitting a request for a new contract, specifying the terms, parties involved, and other relevant details. With a CLM tool in place, requests can be routed to the appropriate parties for review, approval, negotiation, and execution.
Contract Review
Contract review is the thorough examination and analysis of a contract by legal, compliance, or relevant stakeholders. The goal is to ensure that the contract aligns with organizational policies, legal standards, and meets the intended objectives.
Contract Risk
Contract risk is identifying and assessing potential risks associated with a contract. This includes legal, financial, operational, and compliance risks that may impact the successful execution of the contract.
Contract Routing
Contract routing is the defined path or workflow that a contract follows for review and approval. It includes the sequence of individuals or departments involved in the approval process, ensuring a systematic and organized approach.
Contract Templates
Contract templates are pre-designed, standardized documents that serve as starting points for creating new contracts. Templates help streamline the contract drafting process by providing a consistent format and language for commonly used clauses.
Contract Terms
Contract terms refer to the specific provisions, conditions, and obligations outlined within a contractual agreement between parties. These terms define the rights and responsibilities of each party involved in the contract and establish the parameters for the execution and performance of the agreement. Contract terms are crucial elements that help prevent misunderstandings, disputes, and legal issues by clearly articulating the expectations and requirements of both parties.