Glossary of Contract Management Terms
In Contract Management, there will be plenty of terms that are not familiar to regular users. It is essential to understand those terms to get used to the CLM processes and activities. Here you will find descriptions of some of the common contract terms, phrases, and jargons.
An alternate dispute resolution method that avoids any judicial court procedures. Disputes are resolved outside of a court of law by a third party. The third party could be an individual or a group of people. Arbitration is non-binding, meaning that the decision is advisory and can be final only if accepted by all parties.
A form of payment that is accepted at a bank.
A legally binding agreement setting forth all material terms, conditions, and other provisions relating to a transaction. It is signed by each party.
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