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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

Shrinkwrap Agreement

A Shrinkwrap Agreement is a type of software license or contract where the terms are presented to the user inside the product's packaging. The user accepts the terms by breaking the shrinkwrap or using the software.

Simple contracts

Simple Contracts are agreements that are uncomplicated and typically involve straightforward terms. These contracts are often used for routine transactions and may not require extensive negotiation or complex provisions.

Single Sign-On

Single sign-on is, more commonly referred to as SSO, is an authentication mechanism that allows a user to log in with a single ID to any of several related, yet independent, software systems. Secure your environment and unify identity management with providers like Azure, Okta, Ping Identity, and more to offer a seamless user experience. Keep your users productive, reduce time managing passwords, secure data with MFA, and minimize friction. Always be sure your SAML 2.0 is available for all major Identity Providers (IdPs).

Slack Integration

This integration gives you visibility and the opportunity to engage with important activity on your contracts, such as: approving workflows, tracking comments and @mentions, and searching for contracts, all directly within Slack.

Statement of Work (SOW)

A Statement of Work (SOW) is a document outlining the scope, deliverables, and tasks in a project or contract. It clarifies expectations and serves as a guide for both parties involved. CLM platforms facilitate the creation, negotiation, and management of Statements of Work by providing a structured environment for collaboration, version control, and tracking of changes. This ensures that all parties have a clear understanding of the project scope and expectations, and it helps streamline the overall contract lifecycle.

Strategic Procurement

The alignment of procurement activities with the broader strategic goals and objectives of the organization.

Strategic Procurement Agreement

A strategic procurement agreement outlines the terms and conditions for procuring goods or services in a strategic and cost-effective manner.

Strategic Sourcing

Strategic sourcing is the process of identifying, evaluating, and engaging suppliers strategically.