Contract Management Glossary
All you need to know related to contract management, including terms and abbreviations relevant to your use of fynk.
C
Certificate of Trust
A Certificate of Trust is a legal document that verifies the existence of a trust and outlines essential details, allowing parties to engage with the trust without reviewing the entire trust agreement.
Clickwrap
Clickwrap agreements are clickable elements that confirm users’ agreement to the terms of a website or application. They are commonly used for online agreements that users agree to and click on a button or checkbox.
Consignor vs Consignee
A consignor is the sender of goods in a shipment, while the consignee is the recipient. These two roles are crucial in the process of transporting goods, determining responsibilities and ownership throughout the shipment process.
Contract administration
Contract administration is the management of contracts entered into with customers, suppliers, partners or employees. It refers to the management of all actions related to contracts.
Contract administration software
Contract administration software helps organizations create, negotiate, renew and manage contracts. Contract administration software is an indispensable tool for ensuring that the intent of each contract is fully realized, accelerating time-to-revenue and reducing the risk of non-compliance.
Contract audit
Contract auditing is the process of reviewing a company’s contracts. The purpose is to ensure that the quality, compliance and fulfillment of contracts are correct and to reduce contract risks as much as possible.
Contract automation
Contract automation eliminates manual work in Word documents and lets you create legally compliant contracts automatically.
Contract database
Unlike traditional ways of storing contracts in different locations, a contract database is a central repository where contracts are stored in an organized and accessible way.
Contract lifecycle
Contract lifecycle is the process of tracking and managing every aspect of a contract for performance, compliance, and other success factors - from execution through renewal or expiration.
Contract Lifecycle Management (CLM)
Contract Lifecycle Management (CLM) is the effective management of contracts and relationships between organizations through proper planning of all phases of contract management, resulting in the reduction, elimination or mitigation of financial and legal risks.
Contract management
Contract management encompasses all activities that revolve around contracts in a company: From the contractual negotiation between the parties, to the creation and approval of the contract, to the management of deadlines, to the archiving of the contract.
Contract management platform
A contract management platform is used to create, negotiate, sign, and renew contracts and to collect actionable data about business contracts. It helps companies and lawyers replace manual management of physical contracts so that large volumes of contracts can be handled quickly without requiring more staff.
Contract management software
Contract management software serves as a centralized management of legal agreements such as contracts with suppliers, leases, service contracts, license agreements, etc. An important purpose of contract management software is to streamline and reduce administrative workload.
Contract management system
A contract management system is an indispensable tool for ensuring that the intent of all contracts that affect an organization are adhered to.
Contract manager
A contract manager is responsible for the administration and management of contracts and for overseeing the process of consolidating, creating, and executing contracts.
Contract Repository
A contract repository is a place where contracts are stored. In the past, it was usually a physical location where originals and copies of paper documents were stored. Nowadays, it is understood as a digital storage of contracts.
Contract review
A contract review is a process used to identify and analyze the key provisions of a contract. The purpose is to minimize legal and financial risk.
Contract software
Contract software maps the process of digitally managing contracts with customers, suppliers, partners or employees. This includes the creation, management, sharing, analysis and archiving of contracts.
D
Declaration of Intent
A declaration of intent is a formal expression indicating a party’s intention to enter into a legal agreement or perform an action. It forms the basis of a legally binding contract when clear, voluntary, and in accordance with legal requirements.
Deep Learning
Deep Learning goes beyond Machine Learning by creating more complex hierarchical models designed to mimic how humans learn new information.
Digital Contract
With increasing automation, paper contracts are a thing of the past. Digital contracts increase efficiency and enable companies to keep pace with their competitors.
Digital document management
A digital document management system is a system for receiving, tracking, managing and storing documents and reducing the amount of paper used. It is an indispensable tool in today’s digitized world.
Digital signature
A digital signature (also called an electronic signature) is the equivalent of a handwritten signature. The eIDAS regulation of the European Union distinguishes three quality levels of electronic signatures.
DMS software
A DMS software is a software used to capture, store, manage and easily retrieve digital documents within an organization. It provides the necessary functionality for companies to digitize documents and automate their business processes.
Document management
Document management systems are used to digitally archive and manage electronic documents.
Document Management System (DMS)
A document management system (DMS) tracks documents electronically using software instead of keeping track of them in folders, spreadsheets, or loose papers. It enables the creation, storage, management, categorization, protection, and retrieval of digital documents.
E
Effective Date
The effective date is the date when a contract’s terms and conditions officially become enforceable, marking the start of the parties’ obligations.
eIDAS: Electronic Identification, Authentification & Trust Services
The eIDAS regulation is an EU regulation on the use of electronic signatures. eIDAS is the abbreviation for Electronic Identification, Authentification and Trust Services.
Estoppel
Estoppel is a doctrine in contract law that prevents a person from going back on a promise or statement, particularly when another party has relied on that promise or statement to their detriment. It ensures fairness by stopping inconsistent claims that would result in unjust outcomes.
European Data Protection Regulation (GDPR)
The European General Data Protection Regulation (GDPR) entered into force on May 25, 2018, on the basis of an EU regulation and regulates the handling of personal data by companies and other legal entities.
L
Legal SaaS
Legal SaaS is a collective term for software that deals with the digitalization of processes in legal departments or law firms. It includes many different types of software, from case management to billing to contract automation software.
Lien Waiver
A lien waiver is a document used in construction projects that waives the right to file a lien against a property once payment has been received, ensuring that the property is protected from future claims.
Living Document
A living document is a flexible and continuously updated document that adapts to changing circumstances or new information. Unlike static documents, living documents are designed for ongoing revisions and are often used in collaborative environments.
N
Natural Language Processing (NLP)
NLP or Natural Language Processing refers to all tasks that enable a computer to process data in human language.
Nunc Pro Tunc
Nunc pro tunc is a vital legal term used to correct dates on legal documents, ensuring they reflect when actions were intended to take effect, preserving fairness in contract management and legal procedures.
P
Plaintiff vs Defendant
In legal disputes, the plaintiff is the party bringing a lawsuit or claim, while the defendant is the party being sued or accused. These roles are fundamental in both civil and criminal cases.
Preemptive Rights
Preemptive rights give existing shareholders the right to purchase additional shares before new shares are offered to external investors, ensuring they can maintain their ownership percentage.
Privity of Contract
Privity of contract is a legal principle stating that only parties involved in a contractual agreement can enforce its terms or be liable for them, excluding third parties unless certain exceptions apply.
S
Signature field
A signature field allows you to add a blank digital signature form field to a document. When a signer clicks on the field, a dialog opens and prompts the signer to co-sign the file.
Signing
Signing a contract means that the parties agree to the terms and conditions contained therein and their contractual obligations.
Signing software
Signing software is the basis for agreeing to the terms of a contract with an electronic signature.
Sua Sponte
Sua sponte is a legal term meaning “on its own motion.” It refers to when a judge acts without a request from either party, ensuring fairness in legal proceedings.
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