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What is Implied Terms? Definition Have you ever wondered what implied terms are in a contract? If so, you’re not alone. Many people don’t know what they are or how they can be used to their advantage. In this blog post, we will explore the definition of implied terms and how they can be used […]

What is Indemnify? Definition The term “indemnify” is often seen in contracts and other legal documents, but what does it actually mean? In short, to indemnify someone is to agree to hold them harmless from losses or damages that they may incur. This can be done in a number of ways, but typically it is […]

What is Governing Law? Definition Governance law is the term used to describe the body of laws, regulations, and policies that govern the actions of individuals, businesses, and other organizations. This area of law is constantly evolving as new technologies and social norms emerge. There are many different types of governing laws, but some of […]

What are General Conditions Of a Contract? Definition A contract is a legally binding agreement between two or more parties. It is an agreement that creates a reciprocal obligation between the parties to do, or refrain from doing, certain things. In order for a contract to be valid, there must be an offer and acceptance […]

What is a Fully Executed Contract? Definition A fully executed contract is a legally binding agreement between two or more parties. This means that all parties have signed the contract and agreed to its terms. Fully executed contracts are important because they protect both parties involved in the agreement. If one party does not fulfill […]

What is Frustration of Contract? Definition Have you ever been in a situation where you had to back out of a contract? Maybe you signed an agreement to purchase a car but then found out the dealership was selling you a lemon. In this case, you would be said to have experienced “frustration of contract.” […]

What is a Framework Agreement? Definition A framework agreement is a type of contract between two parties that establishes the terms and conditions under which future transactions or agreements will be made. The purpose of a framework agreement is to provide a template for future agreements, so that both parties can save time and effort […]

What is Force Majeure? Definition Force majeure is a contract clause that is included in contracts in order to remove liability from both parties in the event of an extraordinary event or circumstance beyond their control. The purpose of this clause is to protect both parties in the event that something happens that prevents either […]

What are Express Terms in a Contract? Definition In business, contracts are a necessary evil. But what happens when you don’t have a firm grasp of the terminology used in them? You could be inadvertently signing away your rights or worse, opening yourself up to liability. One term you may come across in a contract […]

What is an Evergreen Contract? Definition You’ve probably heard the term “evergreen contract” before, but what does it actually mean? In short, an evergreen contract is a contract that automatically renews itself unless one of the parties involved takes action to cancel it. Evergreen contracts are common in a number of industries, from internet service […]

What is an Exemption Clause? Definition In business, there are a lot of different terms and concepts that get thrown around. And if you’re not familiar with them, it can be hard to keep up. So in this blog post, we’re going to explain one such concept: exemption clauses. An exemption clause is a contractual […]

What is Expectation Management? Definition Have you ever been disappointed by a purchase because it didn’t meet your expectations? Or have you ever been pleasantly surprised when something you bought turned out to be better than you thought it would be? In both cases, your expectations were managed. And in today’s business world, expectation management […]

What is Exclusivity in Contract Management? Definition Exclusivity in contract management can best be defined as a contractual agreement between two or more parties in which only one party is allowed to provide the goods or services specified in the agreement. The other party or parties are excluded from participating in the same market. This […]

What is EULA? Definition You’ve probably seen the term EULA before, but what does it mean? In short, a EULA is a legal agreement between you and the software developer or publisher.It sets out the terms of use for the software you’re about to install on your computer. When you agree to a EULA, you’re […]

What is an Exclusion Clause? Definition An exclusion clause is a clause in a contract that is used to exclude liability for certain types of losses. These clauses are also sometimes called “limitation of liability” clauses. Exclusion clauses are common in all types of contracts, including contracts for the sale of goods, services, and leases. […]

What is an eSignature? Definition An eSignature, also known as an electronic signature, is a digital representation of a physical signature. It’s used to authenticate online transactions and can be used for a variety of purposes, from signing documents to approving contracts. eSignatures are a convenient way to get things done without having to meet […]

What are EU Contract Rules? Definition The EU contract rules are a set of principles that govern the formation and performance of contracts in the European Union. The rules are designed to promote fairness and certainty in contractual relations, and to protect the interests of consumers and businesses. The rules are also intended to ensure […]

What is E-Sign? Definition E-Sign refers to electronic signatures, which are legally binding in the United States. This means that you can sign contracts, forms, and other documents electronically, without having to print them out and sign them with a pen. There are many benefits of using e-signatures, including convenience, speed, and security. In this […]

What is an Escalation Clause? Definition An escalation clause is a contract provision that allows for an adjustment in price or other terms under specified conditions. The purpose of an escalation clause is to protect one or both parties from inflationary trends or unforeseen circumstances that might make the original terms of the contract unfair. […]

What is an Effective Date in a Contract? Definition If you’re new to business, you may not be familiar with the term “effective date.” It’s a key element in contracts that determines when the agreement goes into effect. The effective date is the day that both parties agree to be bound by the contract. This […]

What is an Entire Agreement? Definition What is an entire agreement? In business, an entire agreement is a contract between two parties that sets out all the terms and conditions of their relationship. It’s also known as an integrated contract. An entire agreement clause is important because it can help prevent one party from relying […]

What is a End-User Licence Agreement? Definition You’ve probably heard of End-User License Agreements, or EULAs, but do you know what they actually are? If you’re not sure, don’t worry—you’re not alone. In this blog post, we’re going to take a closer look at EULAs and dispel some of the myths surrounding them. A EULA […]

What are Elements of a Contract? Definition A contract is a legally binding agreement between two or more parties. It is an agreement that creates a relationship between the parties involved and sets out their rights and obligations. A contract can be either oral or written, but it must contain certain elements to be valid […]

What is an Electronic Signature? Definition At its core, an electronic signature is simply a way to indicate your agreement to something electronically. This could be as simple as typing your name into an online form or clicking an “I Agree” button. In a legal sense, however, electronic signatures have a bit more weight. In […]

What is an Enforceable Contract? Definition An enforceable contract is a legally binding agreement between two or more parties. It is an agreement that creates a relationship between the parties involved and sets out their respective rights and obligations. A contract can be written or verbal, but it must be clear and unambiguous in order […]

What is a Doctrine Of No Surprises? Definition A doctrine of no surprises is a business practice in which a company or individual proactively discloses all information that could potentially be viewed as negative. The goal of a doctrine of no surprises is to avoid any potential conflicts or misunderstandings by being completely transparent from […]

What is a Disclaimer? Definition A disclaimer is a statement that denies or limits liability for damages or injury. In other words, it’s a way to protect yourself from being held responsible for something that goes wrong. There are all sorts of disclaimers, from the ones you see at the beginning of movies to the […]

What is a Discharge Of Contract? Definition A contract is a legally binding agreement between two or more parties. A discharge of contract is when one party breaches (or breaks) the terms of the contract, and the other party is released from their obligations under the contract. This can happen in a number of ways, […]

What is a Digital Contract? Definition In the business world, contracts are necessary to protect all parties involved in a transaction. But with the ever-changing landscape of technology, what does a contract look like in the digital age? In this blog post, we will explore the definition of a digital contract and how it differs […]

What is Digital Contracting? Definition You’ve probably heard of digital signatures, but what about digital contracting? Digital contracting is the process of creating, signing, and managing contracts electronically. This means that instead of using paper contracts, you can create and sign them online. Digital contracting has many benefits over traditional methods. For one, it’s more […]

What is a Debtor? Definition A debtor is a person who owes money to another person or organization. The debt may be in the form of a loan, credit card debt, or medical bills. A debtor may also be an organization that owes money to another organization. There are two types of debtors: secured and […]

What is a Deed? Definition A deed is a type of legal document that is used to transfer ownership of real property from one person to another. Deeds are typically used in situations where the buyer is taking ownership of the property from the seller. The deed itself is a physical document that must be […]

What is Data Transparency? Definition Data transparency is the practice of making data easily accessible and understandable to all parties involved. It is often used in the context of data governance, meaning the ability to see how data is collected, used, and managed by organizations. Data transparency has become an important topic in recent years […]

What is Data Sovereignty? Definition Data sovereignty is the concept that data should be stored and processed in the country where it was collected. This is important for data privacy and security, as well as for legal compliance. There are a number of advantages to data sovereignty, including the ability to better protect citizens’ data, […]

What is a Data Processing Agreement? Definition A data processing agreement is a contract between a company and a service provider that stipulates how the service provider will process the company’s data. The agreement outlines the roles and responsibilities of both parties, as well as the security measures that will be put in place to […]

What are Damages in Contract Management? Definition Damages in contract management are defined as any losses that occur as a result of a breach of contract. These can be either direct or indirect, and they can be either economic or non-economic. There are four main types of damages that can be awarded in a contract […]

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 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 Contract Notice? Definition A contract notice is a formal notification of a forthcoming contract opportunity. It is published by the public contracting authority (PCA) in the Official Journal of the European Union (OJEU), as required by the Public Contracts Regulations 2015. A contract notice must be published for all contracts above a certain […]

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 Contract Economics? Definition Contract economics is the study of how economic agents interact with each other through contracts. It is a relatively new field of economics that draws on concepts from game theory, information economics, and industrial organization. The key focus of contract economics is to understand how the terms of a contract […]

What is a Contract Dispute? Definition A contract dispute is a disagreement or misunderstanding between two or more parties involved in a contract. The contract may be oral or written, and it may be for goods, services, employment, or any other type of agreement. A contract dispute can arise for many reasons, such as if […]

What is a Contract Disengagement Plan? Definition When two companies or individuals have agreed to work together under a contract, it’s important to have a plan in place for how to end the relationship if things go south. This is called a contract disengagement plan, and it can save everyone a lot of time, money, […]

What is Contract Complexity? Definition ““Contract complexity” is a term used to describe the difficulties that can arise during the contract formation process when there are numerous stakeholders with conflicting interests involved in the negotiation. It can also refer to the challenges of administering and enforcing a contract when it contains provisions that are unclear […]

What is a Contract Clause? Definition A contract clause is a provision or section within a contract that sets forth specific rights, duties, and obligations of the parties to the agreement. Contract clauses are designed to protect the interests of both parties and to minimize the risk of disputes arising from the agreement. While some […]

What is Contract Change Management? Definition Contract change management is the process of identifying, analyzing, and approving changes to a contract. The goal of contract change management is to ensure that changes are made in a controlled and consistent manner, while also protecting the interests of all parties involved in the contract. There are many […]

What is a Contract Extension? Definition A contract extension is a formal agreement between two parties to extend the original contract for an additional period of time. The extension can be for any length of time, and can include any terms or conditions that were in the original contract. Contract extensions are common in business, […]

What is Contract Boilerplate? Definition You’ve probably seen the word “boilerplate” before, but what does it mean in the context of contracts? In short, contract boilerplate is the standardized language that appears in most contracts. This includes clauses that cover common legal issues such as liability, jurisdiction, and arbitration. While this language may not seem […]

What is Contract Audit? Definition In business, a contract is an agreement between two or more parties to perform a specific service or deliver a product. A contract audit is an evaluation of a contract to ensure that it meets the requirements of the parties involved. A contract audit can be conducted by an independent […]

What is a Contract Assignment? Definition A contract assignment is a document that assigns rights and obligations under a contract to another party.3 min read A contract assignment can be used for a variety of reasons, but most commonly it is used when one party to a contract wants to transfer its rights or obligations […]

What is Contract Ambiguity? Definition What is contract ambiguity? In short, it’s when the terms of a contract are unclear or able to be interpreted in more than one way. This can happen for a number of reasons, but usually it’s because the contract was poorly written or because the parties involved had different understandings […]

What is Contract Acceptance? Definition Contract acceptance is the act of agreeing to be bound by the terms and conditions of a contract. This can be done verbally, in writing, or through conduct that demonstrates an intention to be bound by the contract. When parties accept a contract, they are agreeing to all of its […]

What is a Contract Agreement? Definition A contract agreement is a legally binding document between two or more parties. This written agreement outlines the terms, conditions, and expectations of the relationship between the parties. A contract agreement is typically used in business relationships, but can also be used in personal relationships. For example, you may […]

What is a Contract Amendment? Definition In business, a contract amendment is a document used to make changes to an existing contract. The amendment can be used to modify or add provisions to the contract, as long as both parties agree to the changes. If you need to make changes to a contract, it’s important […]

What is Contract Administration? Definition Contract administration may sound like a dry and boring topic, but it’s actually a crucial part of any construction project. In short, contract administration is the process of managing a construction contract from start to finish. This includes everything from negotiating the contract terms to overseeing the work itself and […]

What is Consideration in Contract Management? Definition In contract management, consideration is the value that each party to the contract receives from the other. The purpose of consideration is to enforce the promises made in a contract so that each party has an incentive to uphold their end of the bargain. In order for a […]

What is Conditional Logic in Contract Management? Definition Conditional logic is a term used in contract management to define the ability to automate processes and actions based on certain conditions or data. This type of automation can be extremely helpful in managing large volumes of contracts and keeping track of key dates or milestones. Conditional […]

What is Confidential Information? Definition In business, the term “confidential information” refers to any type of non-public information that could potentially harm the business or give its competitors an advantage if it were to become public. Confidential information can take many different forms, from customer lists and contact information to financial data and product development […]

What is a contract Condition? Definition A contract condition is a stipulation or provision in a contract that must be met in order for the agreement to be binding. The purpose of a contract condition is to make sure that both parties are able to fulfill their obligations under the contract. A contract condition can […]

What is a Condition Subsequent? Definition In the world of business, there are a lot of terms that get thrown around. Some of them are common knowledge, while others only apply to specific situations. Condition subsequent is one of those terms. A condition subsequent is a condition in a contract that, if not met, voids […]

What is a Condition Precedent? Definition A condition precedent is a clause in a contract that requires one party to perform a specific obligation before the other party is required to perform its corresponding obligation. The purpose of a condition precedent is to allocate risk between the parties or to give one party an opportunity […]

What is Conciliation? Definition When two parties are in conflict, they may seek conciliation in order to resolve the issue. Conciliation is a process whereby the parties attempt to reach an agreement with the help of a third party. The third party, called a conciliator, does not have any decision-making power and instead facilitates discussion […]

What is a Complete Agreement? Definition A complete agreement is a binding contract between two or more parties. This type of agreement typically contains all of the terms and conditions that the parties have agreed upon, including any warranties or representations made by each party. In order for a contract to be considered complete, all […]

What is a Community Of Interest? Definition A community of interest is a group of people with a common goal or shared interest. It can be used in both a business and personal context. In a business setting, a community of interest might be a group of customers who share demographic characteristics or purchase patterns. […]

What is Competitive Tension? Definition If you’ve ever been in a competition, whether it’s a race, a game, or even just a friendly contest, you know what it feels like to have tension. That feeling of not knowing whether you’ll win or lose, of being on the edge of your seat waiting for the outcome. […]

What is a Commodity Contract? Definition In commodities trading, a commodity contract is an agreement to buy or sell a specified quantity of a commodity at a specified price on a specified date in the future. Commodity contracts are traded on exchanges such as the Chicago Mercantile Exchange (CME) and the London Metal Exchange (LME). […]

What is a Commencement Date? Definition The commencement date is the date when construction on a project officially begins. It is typically set by the project manager or developer, and it marks the beginning of the construction period. The commencement date is important because it determines when the construction contract officially starts. It also sets […]

What is a CLM System? Definition A CLM system, or Contract Lifecycle Management system, is a software application designed to streamline and manage the contract process from start to finish. The term “contract lifecycle management” is used to describe the process of creating, approving, executing, and tracking contracts. A CLM system automates and manages these […]

What is a CLM Maturity Model? Definition A CLM maturity model is a framework that businesses can use to assess and improve their customer lifetime value (CLV) strategy. CLV is a metric that measures the total value of a customer relationship, including all revenue, costs, and profits associated with it. A company’s CLV strategy encompasses […]

What is CLM (Contract Lifecycle Management)? Definition What is CLM (Contract Lifecycle Management)? It’s a system for automating, organizing, and storing contract-related information. CLM software can help streamline the contracting process, improve accuracy and compliance, and save time and money. While the term “contract lifecycle management” may sound like it only applies to big businesses, […]

What is CLM Maturity Assessment? Definition Continuous Lifecycle Management (CLM) maturity assessment is the process of determining an organization’s level of sophistication and ability to manage its software development processes and tools. The CLM maturity model helps organizations identify areas in which they need to improve their management practices and provides a roadmap for implementing […]

What is a Clickwrap Agreement? Definition A clickwrap agreement is a legally binding contract between two parties, in which one party agrees to the terms and conditions of the other party by clicking a button or checkbox on a web page. The term “clickwrap” is derived from the phrase “shrinkwrap agreement,” which is a type […]

What is a Change Request? Definition A change request is a formal proposal to modify a system. It usually refers to the software development process, but it can also be used in other areas such as project management, business analysis, and general system administration. A change request is typically made when there is a problem […]

What is a Clause Library? Definition A clause library is a collection of contract clauses that can be reused in future contracts. The clauses are typically categorized by type, such as intellectual property or confidentiality. While a clause library can save time during the contract drafting process, it’s important to note that not all clause […]

What is a Clause? Definition A clause is a group of words that includes a subject and a predicate. A clause can be either independent or dependent. An independent clause (also known as a main clause) makes sense by itself. A dependent clause (also known as a subordinate clause) cannot stand alone—it must be attached […]

What is a Centralised Contract Document Repository? Definition A centralised contract document repository is a storage system where businesses can keep all their contract-related documents in one place. This type of system can be either physical or electronic, and it helps businesses to keep track of their contracts more easily. There are many benefits to […]

What is a Change Log? Definition There’s a lot of confusion about what a change log is and why it’s important. In this blog post, we’ll clear up that confusion and give you a practical definition of a change log. We’ll also explain why it’s such an important tool for software development teams. What is […]

What are Capitalised Words? Definition Capitalised words are those which have been spelt with a capital letter at the beginning of the word. The rules for using capitals can be quite confusing, especially for people who are not native English speakers. In this blog post, we will explore the rules for using capitals and how […]

What are Capitalised Terms? Definition Capitalised terms are a type of legal term that refers to a specific thing or group of things. The word “capitalised” means that the first letter of the word is always in uppercase form, regardless of how it appears in the sentence. For example, “The United States Constitution” is a […]

What is Calendar Management? Definition Calendar management is the process of creating and maintaining a schedule of events, appointments, and tasks. The goal of calendar management is to maximize efficiency and minimize conflicts between events. Many people use some form of calendar management, whether they realize it or not. For example, most people have a […]

What is a Clause Library? Definition A clause library is a collection of contract clauses that can be reused in future contracts. The clauses are typically categorized by type, such as intellectual property or confidentiality. While a clause library can save time during the contract drafting process, it’s important to note that not all clause […]

What is a Change Request? Definition A change request is a formal proposal to modify a system. It usually refers to the software development process, but it can also be used in other areas such as project management, business analysis, and general system administration. A change request is typically made when there is a problem […]

What is a Change in Law? Definition What is a change in law? A change in law is a legal alteration to an existing rule or regulation. It can be the result of an act passed by Congress, a decision handed down by the Supreme Court, or an Executive Order issued by the President. A […]

What is a Caveat Emptor? Definition A caveat emptor is a legal term that means “let the buyer beware.” It’s a doctrine that is meant to protect sellers from buyers who try to take advantage of them. This doctrine is based on the idea that it is the buyer’s responsibility to make sure that they […]

What is a Clickwrap Agreement? Definition A clickwrap agreement is a legally binding contract between two parties, in which one party agrees to the terms and conditions of the other party by clicking a button or checkbox on a web page. The term “clickwrap” is derived from the phrase “shrinkwrap agreement,” which is a type […]

What is CLM Maturity Assessment? Definition Continuous Lifecycle Management (CLM) maturity assessment is the process of determining an organization’s level of sophistication and ability to manage its software development processes and tools. The CLM maturity model helps organizations identify areas in which they need to improve their management practices and provides a roadmap for implementing […]

What is a Commencement Date? Definition The commencement date is the date when construction on a project officially begins. It is typically set by the project manager or developer, and it marks the beginning of the construction period. The commencement date is important because it determines when the construction contract officially starts. It also sets […]

What is a CLM Maturity Model? Definition A CLM maturity model is a framework that businesses can use to assess and improve their customer lifetime value (CLV) strategy. CLV is a metric that measures the total value of a customer relationship, including all revenue, costs, and profits associated with it. A company’s CLV strategy encompasses […]

What is CLM Maturity Level? Definition The CLM Maturity Level is a scale that rates the level of sophistication of a company’s Customer Lifecycle Management (CLM) processes. It is used to benchmark a company against others in its industry, and to assess the company’s readiness to implement new technologies or processes. The scale goes from […]

What is a CLM System? Definition A CLM system, or Contract Lifecycle Management system, is a software application designed to streamline and manage the contract process from start to finish. The term “contract lifecycle management” is used to describe the process of creating, approving, executing, and tracking contracts. A CLM system automates and manages these […]

What is Cloud Contract Management? Definition Cloud contract management is the process of negotiating, drafting, and managing contracts between an organization and a cloud service provider. The goal of cloud contract management is to create contracts that are mutually beneficial to both parties and that protect the interests of the organization. Cloud contract management is […]

What is CLM (Contract Lifecycle Management)? Definition What is CLM (Contract Lifecycle Management)? It’s a system for automating, organizing, and storing contract-related information. CLM software can help streamline the contracting process, improve accuracy and compliance, and save time and money. While the term “contract lifecycle management” may sound like it only applies to big businesses, […]

What is Conciliation? Definition When two parties are in conflict, they may seek conciliation in order to resolve the issue. Conciliation is a process whereby the parties attempt to reach an agreement with the help of a third party. The third party, called a conciliator, does not have any decision-making power and instead facilitates discussion […]

What is Competitive Tension? Definition If you’ve ever been in a competition, whether it’s a race, a game, or even just a friendly contest, you know what it feels like to have tension. That feeling of not knowing whether you’ll win or lose, of being on the edge of your seat waiting for the outcome. […]

What is a Complete Agreement? Definition A complete agreement is a binding contract between two or more parties. This type of agreement typically contains all of the terms and conditions that the parties have agreed upon, including any warranties or representations made by each party. In order for a contract to be considered complete, all […]

What is a Community Of Interest? Definition A community of interest is a group of people with a common goal or shared interest. It can be used in both a business and personal context. In a business setting, a community of interest might be a group of customers who share demographic characteristics or purchase patterns. […]

What is a Commodity Contract? Definition In commodities trading, a commodity contract is an agreement to buy or sell a specified quantity of a commodity at a specified price on a specified date in the future. Commodity contracts are traded on exchanges such as the Chicago Mercantile Exchange (CME) and the London Metal Exchange (LME). […]

What is a Condition Precedent? Definition A condition precedent is a clause in a contract that requires one party to perform a specific obligation before the other party is required to perform its corresponding obligation. The purpose of a condition precedent is to allocate risk between the parties or to give one party an opportunity […]

What is Contract Acceptance? Definition Contract acceptance is the act of agreeing to be bound by the terms and conditions of a contract. This can be done verbally, in writing, or through conduct that demonstrates an intention to be bound by the contract. When parties accept a contract, they are agreeing to all of its […]