Request for Information (RFI)
A Request for Information is a document used to gather information from potential vendors or suppliers about their capabilities, products, or services. It is often a preliminary step in the procurement process.
Request for Proposal (RFP)
A Request for Proposal is a document that solicits detailed proposals from potential vendors or contractors. It outlines the project requirements, evaluation criteria, and other information to facilitate the selection of the most suitable provider.
Research
Research involves the systematic investigation and study of relevant information to inform decision-making during various stages of the contract lifecycle. Research may include market analysis, legal considerations, and industry best practices.
Resource Requirements
Specifies the resources required for the project in a SOW, including personnel, equipment, materials, and any other necessary resources.
Return on Investment (ROI)
The measurement of the financial gain or benefit derived from investing in CLM software and processes.
Return or Destruction of Information
Addresses the actions the receiving party must take upon the conclusion of the agreement, such as returning or destroying the confidential information.
Revenue Recognition
Revenue recognition is the accounting principle that determines when and how a company recognizes revenue from its sales transactions. Revenue recognition principles, as outlined in accounting standards such as ASC 606 or IFRS 15, require companies to adhere to specific guidelines when recognizing revenue. CLM helps ensure that contracts and revenue recognition practices comply with these standards.
Review
Review involves the critical examination of a contract or document to assess its accuracy, completeness, and compliance with legal and organizational standards. It is a crucial step in the contract lifecycle to ensure quality and mitigate risks.