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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

Industry Standards

Established norms and criteria that dIndustry Standards in CLM refer to established norms, practices, or guidelines within a specific industry. Contracts may incorporate industry standards to ensure compliance and best practices.efine acceptable practices within a specific industry, influencing how contracts are managed.

Influencer Agreement

An Influencer Agreement is a contract between a brand or company and an influencer. It outlines the terms of collaboration, including deliverables, compensation, and expectations.

Initiation

Initiation of a contract is typically triggered by a contract request from a business unit, department, or individual within the organization.

Insurance Requirements

Outlines any insurance coverage that the vendor is required to maintain during the term of the agreement.

Intakes and Requests

Intakes and Requests involve the formal submission and processing of requests for new contracts or contract-related actions. It includes capturing essential information to initiate the contract lifecycle.

Integration

The seamless connection of CLM software with other business systems, such as ERP, CRM, or CPQ, to enhance overall efficiency and data accuracy.

Integration Services

Integration services help ensure the CLM platform is properly connected to other enterprise systems, such as CRM or ERP, to ensure data consistency and streamline processes.

Intellectual Property

Intellectual Property includes intangible assets such as patents, trademarks, copyrights, and trade secrets. Contracts often address the ownership, licensing, and protection of intellectual property.