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Legal contract that defines the terms and conditions governing the relationship between a company (the buyer or customer) and a vendor (the service provider). This type of agreement is used when a company engages a vendor to provide specific services. CLM platforms assist in the creation, negotiation, approval, and management of Vendor Service Agreements by providing a centralized and organized system for storing contract documents, tracking key dates, and facilitating collaboration among stakeholders.
With a Word plugin for CLM, users can create, edit, and manage contracts seamlessly without leaving the Word application. This integration includes features such as template management, clause libraries, version control, and direct access to the CLM system’s repository of contracts. It aims to improve user efficiency by providing a unified experience within the word
Workflow automation in CLM brings several benefits, including improved efficiency, reduced errors, better collaboration among team members, and increased visibility into the status of contracts. It also helps organizations enforce compliance with internal policies and regulatory requirements throughout the entire contract lifecycle.
Workflows refer to predefined, systematic processes that guide and automate the flow of tasks and actions associated with the lifecycle of a contract. These workflows help streamline and standardize the contract management process, ensuring that each contract undergoes a consistent series of steps from initiation to completion.
