Master Services Agreement (MSA)
A Master Services Agreement is a comprehensive contract that outlines the general terms and conditions under which future services will be provided. It sets the framework for subsequent agreements and is often used in long-term business relationships
Memorandum of Understanding (MOU)
A Memorandum of Understanding in CLM is a non-binding agreement that outlines the intentions and basic terms of a collaboration or partnership between parties. It serves as a precursor to a formal contract.
Metadata and Tagging
CLM Word plugins allows users to add metadata, tags, or annotations to contract documents. This additional information aids in searchability, categorization, and organizing contracts within the CLM system.
Migration
Migration refers to the process of transferring contract data, documents, or systems from one platform or location to another. It ensures a smooth transition while maintaining data integrity.
Monitoring and Compliance
Monitoring and compliance refers to how a CLM system monitors key milestones and deadlines specified in the contract, sending automated notifications and alerts to stakeholders.
Mutual Agreement
Mutual Agreement signifies that all involved parties have reached a consensus and willingly accepted the terms outlined in a contract. It highlights the agreement's collaborative nature
Negotiation
The process of discussing and reaching an agreement on the terms and conditions of a contract between parties.
Non Disclosure Agreements (NDA)
Non-Disclosure Agreements are contracts that establish confidentiality between parties. They prevent the disclosure of certain information and are commonly used when sharing sensitive data during business discussions. CLM platforms streamline the management of NDAs by providing a centralized repository for storing NDA templates, tracking the negotiation and approval process, and ensuring compliance with the terms of the agreement. This helps organizations efficiently handle the creation and administration of NDAs while maintaining control over their confidential information.