Bilateral Contracts
Bilateral contracts are agreements between two parties, where each party makes promises to the other. These contracts typically bind both parties to specific obligations, and performance by one party is often contingent on the performance of the other.
Bill of Sale
Bill of sale, also known as a sales agreement, this contract transfers property between two parties. It recognizes the transfer of rights between a seller and a buyer. Owners use this contract to prove ownership of a piece of land whenver such a scenario arises.
Billing and Invoicing
CLM systems often handle billing and invoicing processes, which are closely tied to revenue recognition. Proper documentation of delivered goods or completed services, as managed by CLM, contributes to accurate invoicing and revenue recognition.
Business Case
Business case is a document that justifies the initiation of a contract or project. It includes a detailed analysis of the anticipated benefits, costs, and risks associated with the proposed contract, helping stakeholders make informed decisions.
Business Flow
A business flow is the sequence of steps and processes involved in managing contracts within an organization. It encompasses contract creation, negotiation, approval workflows, execution, and ongoing management throughout the contract lifecycle.
Buy-Side Contracting
Buy-side contracting is the process of negotiating and managing contracts from the perspective of the buyer. It includes activities such as contract request, negotiation, approval, and ongoing monitoring of contractual obligations.
Capacity
Capacity is the legal ability of a party to enter into a contract. It assesses whether the parties involved have the legal capacity and authority to create a binding agreement.
Centralized Storage
Centralized storage simplifies the process of locating and accessing contracts, reducing the risk of information silos and ensuring that all stakeholders have a single source of truth.