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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

Terms of Service

Terms of Service are the contractual terms and conditions that users must agree to when using a service or platform. They outline the rules, obligations, and limitations associated with using the provided services.

Terms of Use Agreement

A Terms of Use Agreement is a legal contract that establishes the terms and conditions under which users are allowed to access and use a website or application. It often covers user conduct, privacy policies, and intellectual property rights.

Third-Party Contracts

Also known as a third party contracts, these legal agreements originate with the counterparty and will follow their template, structure, and provisions instead of your own. Contract requests involving third-party paper should be easier to intake, manage, and triage with your CLM platform.

Time and Materials Contracts

Time and Materials Contracts are agreements where the client pays for the time spent by the service provider and the cost of materials used. These contracts are commonly used when the scope of work is difficult to define in advance.

Timeline and Milestones

Outlines the expected timeline for the project in a SOW, including start and end dates, as well as any interim milestones or deadlines.

Training and Onboarding

Providing training sessions to end-users, administrators, and stakeholders on how to effectively use the CLM platform.

Unconscionable contracts

Unconscionable Contracts refer to agreements that are so one-sided or oppressive that they are considered unfair or unconscionable. Courts may void or modify such contracts to protect the party at a disadvantage.

Unilateral contracts

Unilateral Contracts are agreements where one party makes a promise or offer, and the other party accepts by performing a specific action. The contract is formed upon completion of the requested action.