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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

Non-Compete Agreement

A Non-compete Agreement restricts one party from engaging in competitive activities against another party for a specified duration or within a defined geographic area after the termination of a business relationship.

Non-Solicitation Agreement

Prohibits one party from soliciting the employees or customers of another party.

Obligation Tracking

Obligation Tracking involves monitoring and managing the commitments and responsibilities outlined in a contract. It ensures that parties fulfill their obligations in a timely manner.

Offer

An offer is a proposal made by one party to another, indicating a willingness to enter into a contract under specific terms. It forms the basis for the negotiation and creation of a legally binding agreement.

Open AI

OpenAI is a private research laboratory that aims to develop and direct artificial intelligence (AI). ChatGPT is a product developed by OpenAI.

Order Form

An Order Form is a document that specifies the details of a specific order or transaction. It may include product or service details, quantities, prices, and other terms related to the purchas

Outsourcing Agreement

Governs the relationship when a company hires an external provider for specific services.

Parallel Approvals

Parallel Approvals involves a simultaneous review and approval process where different stakeholders or departments assess and authorize a contract concurrently. This approach is used to expedite the approval timeline.