The oboloo Team

What is a Contract Management Plan? Definition A contract management plan (CMP) is a document that outlines the roles, responsibilities, and expectations of all parties involved in a contract. The plan should address how the contract will be managed from start to finish, from the drafting process to post-contractual obligations. A CMP can help avoid […]

What is Contract Lifecycle Management? Definition The contract lifecycle management process is the journey a contract takes from its creation to its expiration or termination. It includes everything from the initial negotiation of terms to the ongoing management and tracking of the contract. While every organization has their own unique way of managing contracts, there […]

What is Contract Lifecycle? Definition When it comes to business, there are a lot of terms that get thrown around. One of these terms is “contract lifecycle management” or “CLM.” But what does CLM actually mean? In short, a contract lifecycle is the process that a contract goes through from start to finish. This includes […]

What is Contract Governance? Definition Contract governance is the process and framework by which an organization manages its contractual relationships. It involves the identification, assessment, and mitigation of risks associated with contracting, as well as the optimization of benefits. An effective contract governance program can save an organization time and money by reducing the need […]

What is Contract Modification? Definition A contract modification is a change or addition to an existing contract. The modification can be made by either party to the contract, but both parties must agree to the change before it becomes binding. Contract modifications are common in business contracts, where the terms of the agreement may need […]

What is Contract Negotiation? Definition Contract negotiation is the process of discussing and agreeing to the terms of a contract between two or more parties. The aim of negotiation is to reach an agreement that is acceptable to all parties involved. During the negotiation process, each party will try to convince the other to accept […]

What is Contract Obligations Management? Definition Introduction Contract obligations management is the proactive and reactive identification, assessment, mitigation, and monitoring of risks associated with contractual agreements. It’s a process used by businesses to protect themselves from potential legal or financial damages that could occur as a result of not fulfilling contractual obligations. There are many […]

What is Contract Obscurity? Definition In the business world, there are a lot of terms that get thrown around. Sometimes it can be difficult to keep up with the latest jargon. One term you may have heard is “contract obscurity”. But what does this term actually mean? In short, contract obscurity refers to the phenomenon […]

What is Contract Obligation? Definition A contract is a legally binding agreement between two or more parties. Contracts are typically written but may be verbal. A contract creates obligations between the parties to do, or not do, certain things. One type of contractual obligation is a positive obligation, which is an obligation to take some […]

What is Contract Novation? Definition Contract novation is a process whereby one party to a contract transfers their rights and obligations under the contract to another party, with the consent of all parties involved. This type of transfer can be useful in a number of situations, such as when a company sells off part of […]

What is a Contract Notice Period? Definition A contract notice period is the time between an employer’s notification to an employee of their impending termination, and the end of the employee’s current contract. This period can be one week, two weeks, or even a month, depending on the contract. The notice period is usually stipulated […]

What is Contract Preamble? Definition A contract preamble is defined as a “short statement at the beginning of a document that introduces the contract and parties to it.” In other words, it’s a brief overview of what the contract entails and who is involved in it. The contract preamble usually comes after the title page […]

What is Contract Ownership? Definition Contract ownership is the legal right to possess and control a contract. This right can be held by an individual or by a corporation. The owner of a contract has the power to enforce the terms of the contract and to receive any benefits that are due under the contract. […]

What is a Contract Offer? Definition A contract offer is a proposal to enter into an agreement, typically in response to an offer made by another party. The offer sets out the terms of the proposed contract and may be accepted, rejected or countered by the other party. A contract offer must be definite and […]

What is a Contract Party (or Parties)? Definition Before we jump into the definition of a contract party, let’s take a step back and understand what a contract is. A contract is an agreement between two or more people that creates obligations that are legally enforceable. In other words, it’s a way for two people […]

What is Contract Performance Review? Definition Contract performance reviews are conducted to assess the effectiveness of a contract and to identify any areas where improvements can be made. The review process can be used for all types of contracts, including service contracts, supply contracts, and construction contracts. It’s important to note that a contract performance […]

What is a Contract Period? Definition If you’re in the business world, chances are you’ve heard of contract periods. But what exactly is a contract period? A contract period is essentially the time frame in which a contract is valid. This can be for any length of time, but most contracts are either annual or […]

What is a Contract Renewal? Definition If you’re in the business world, chances are you’ve come across the term “contract renewal.” But what does it actually mean? A contract renewal is simply the process of extending or renewing a contract that is already in place. This can be done for a variety of reasons, but […]

What is a Contract Repository? Definition A contract repository is a digital location where organizations can store, manage, and track their contracts. This type of repository can be used for a variety of purposes, such as managing license agreements, service contracts, and more. For businesses, a contract repository can be an extremely valuable tool. Not […]

What are Contract Remedies? Definition A contract remedy is a legal measure taken to address a breach of contract. When one party to a contract fails to meet their obligations under the agreement, the other party may be entitled to pursue a contract remedy. There are several different types of contract remedies available, depending on […]

What is a Contract Register? Definition A contract register is a comprehensive list of all the contracts that a company has entered into with other parties. The register includes information about the contracting parties, the type of contract, the start and end date of the contract, and any other relevant details. The purpose of a […]

What is a Contract Provision? Definition A contract provision is defined as a specific clause or stipulation in a contract that explains, in detail, the expectations and limitations of all parties involved in the agreement. In other words, it’s the “fine print” of a contract. While some may see contract provisions as simply a way […]

What is Contract Redlining? Definition Contract redlining is the term used to describe the illegal practice of refusing to award a contract to a company based on their geographic location. This is often done in order to avoid doing business with certain minority groups or low-income areas. The practice of contract redlining is not only […]

What is a Contract Review? Definition A contract review is the process of analyzing a legally binding agreement to ensure that it meets the needs of all parties involved. The contract review process can be used for any type of contract, including but not limited to: – employment contracts – vendor contracts – leases – […]

What is Contract Risk Mitigation? Definition Risk mitigation is the process of identifying, analyzing, and taking steps to reduce or eliminate risk. It is a proactive approach to managing risk that seeks to minimize the impact of negative events. Contract risk mitigation is the process of reducing or eliminating the risks associated with contracting. This […]

What is Contract Risk Monitoring? Definition Introduction Contract risk monitoring is the practice of assessing, identifying, and mitigating risks that may arise from contractual relationships. It’s a process that helps organizations avoid potential financial losses, legal liabilities, and brand damage that could result from breaches or poor performance in contracts. Contract risk monitoring can be […]

What is Contract Risk? Definition In business, there’s always some level of risk involved. But what exactly is contract risk? In this blog post, we will explore the concept of contract risk and how it can affect your business. We will also provide some tips on how to mitigate contract risk in your own organization. […]

What is a Contract Specialist? Definition A contract specialist is a professional who is responsible for negotiating and drafting contracts between two or more parties. A contract specialist’s job is to make sure that all the terms of the contract are fair and agreeable to all involved parties, and that the contract is legally binding. […]

What is a Contract Software? Definition A contract software is an agreement between two parties that outlines the terms and conditions of a business relationship. The contract software can be used to define the roles and responsibilities of each party, as well as the expectations of what will be delivered. It’s important to have a […]

What is a Contract Summary? Definition A contract summary is a document that outlines the key points of a binding agreement between two or more parties. It is not the full contract itself, but rather a brief overview of the terms and conditions. The summary should include all of the essential elements of the agreement, […]

What is a Contract Template Library? Definition A contract template library is a digital repository of standardized contract templates that can be used for a variety of purposes, including customer agreements, supplier agreements, employment contracts, and more. A contract template library can be a valuable tool for businesses of all sizes. For small businesses, a […]

What is a Contract Workflow? Definition Do you often find yourself wondering what a contract workflow is? You’re not alone. The term “contract workflow” seems to be used a lot lately, but its meaning isn’t always clear. In this blog post, we will explore the definition of a contract workflow and how it can be […]

What is a Contract Termination? Definition A contract termination is the end of an agreement between two parties. This could be for any number of reasons, such as convenience, disagreement, or breach of contract. In some cases, a contract may be terminated by mutual agreement between the parties. A contract termination can occur in both […]

What is Contract Volatility? Definition Contract volatility, in short, is the price variation of a contract within a certain time frame. It’s important to understand because it can have a significant impact on theBottom line of a company. When there is more contract volatility, it usually means that the prices of materials or other inputs […]

What is a Contract Term? Definition A contract term is a specific provision or clause in a contract that defines each party’s obligations, rights, and responsibilities. In other words, it’s the “meat” of the contract that everyone agrees to. While there are an infinite number of contract terms that can be included in any given […]

What is a Contract Template? Definition Before we get started, let’s first answer the question: what is a contract template? A contract template is a pre-drafted document that contains the standard terms and conditions of a contract. This means that all you have to do is fill in the blanks with the specific details of […]

What is a Counterparty in a Contract? Definition In business, the term “counterparty” refers to the other person or organization with whom you have a contract. The counterparty is usually the person or organization that you are buying goods or services from, but it can also be the person or organization that you are selling […]

What is a Contradiction in Contract Management? Definition A contradiction in contract management is defined as a situation where two or more parties to a contract have opposite or competing interests, which can lead to difficulties in enforcing the contract. This can often arise when one party tries to change the terms of the contract […]

What is Counterpart in Contract Management? Definition In contract management, the term “counterpart” is used to refer to the other party with whom you have a contract. The counterpart is usually the party that you are contracting with, but it could also be a third party such as a guarantor or an insurance company. As […]

What are Contractual Rights? Definition Many people are not aware of their contractual rights. In this blog post, we will explore what contractual rights are and how they can be used to protect yourself in various situations. A contract is a legally binding agreement between two or more parties. The agreement can be oral or […]

What is a Corporate Contract? Definition A corporate contract is an agreement between two or more individuals, groups, or entities that establishes a legally binding relationship. This type of contract is typically used in business transactions and can establish everything from the terms of employment to the sale of goods and services. While corporate contracts […]

What is a Creditor? Definition A creditor is a person or organization to whom you owe money. The money may be owed for goods or services you’ve received, or for money that was lent to you. A creditor may be an individual, such as a friend or family member, or an organization, such as a […]