A mutual understanding between two or more parties that outlines the rights, obligations, and terms of the relationship. An agreement becomes legally binding when it meets certain legal criteria, thus become a contract.
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An arbitration clause is a contractual clause in which the parties agree that future disputes arising under the contract will not be litigated in court, but instead will be submitted to a neutral third-party arbitrator (or to a panel of arbitrators) for resolution.
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Artificial Intelligence (AI) refers to the simulation of human intelligence processes by machines, particularly computer systems. In the legal context, AI technologies are designed to perform tasks that would normally require human intelligence, such as analyzing data, identifying patterns, and making decisions.
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An automatic renewal clause is a provision that, if included in a contract, causes the contract to start a new term (“renew”) at the conclusion of the original contract term, unless one of the parties elects not to continue the contract.
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Benchmarking clauses provide that specified terms in the contract will be periodically reviewed against benchmark levels in the applicable marketplace.
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Compliance occurs when all parties fulfill their obligations as specified in the contracts terms and conditions, including performance standards, timelines and legal requirements.
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In its simplest form, a condition of the contract is a requirement or term of the contract with which one or both of the parties must comply.
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Confidentiality refers to an agreement that one or more parties to a contract will not disclose certain specified information to third parties.
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Under a continuing services agreement, one party agrees to continue providing specified services to another party for a period of time set forth in the agreement.
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A contract is a legally enforceable agreement entered into by two or more parties to do, or refrain from doing, one or more things specified in the agreement.
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A contract audit is an examination and assessment of performance or information, designed to verify that one or more parties to a contract have complied with requirements or standards set forth in the contract.
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A contract extension is an agreement between the parties to an existing contract to extend the terms of that agreement for an additional period of time.
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Contract lifecycle management, sometimes referred to as “CLM,” is the process of planning, negotiating, and implementing the contracts of a company and monitoring, controlling, and analyzing each contract at each stage of the contract’s existence, from conception to termination.
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Contract management is the process of monitoring and managing all of the company’s contracts to ensure that there is compliance with deadlines, deliverables, and all other terms, conditions, provisions and clauses within the organization’s agreements.
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Contract risk management is the process by which organizations identify and assess risks and manage contracts to limit liability or other harm to the company.
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When a contract is terminated, it means that the parties involved are released from their obligations and no longer have to perform the terms outlined in the contract. Understanding the reasons for contract termination and the proper steps to follow can help parties navigate this process effectively.
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A contractual agreement is a legally enforceable agreement entered into by two or more parties to do, or refrain from doing, one or more things specified in the contract.
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A counterparty is the other person or organization you're entering into the agreement with. Both parties have rights and obligations outlined in the contract, and each side is considered a counterparty to the other.
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DocuSign’s software allows parties to sign contracts and other documents electronically rather than signing them with pen and paper. This eliminates the need for parties signing a contract to be physically present at the same location.
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A fixed price contract contains an agreement between the parties on the final cost of the goods or services being provided, and the cost is not subject to adjustment
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Force Majeure is a clause that covers how parties handle unforeseen events such as natural disasters, pandemics, acts of war that may prevent one or both parties from fulfilling their obligations under a contract.
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When a contract is said to be “fully executed,” it means that all parties to the agreement have fully performed their obligations, or that all of the terms and conditions of the contract have been fulfilled in their entirety.
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A service agreement refers to a contract in which one party agrees to provide a particular service or services to the other party in return for payment as specified in the contract.
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A limitation of liability clause in a contract limits the amount of money or damages that one party can recover from another party for breaches or performance failures
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Optical Character Recognition (OCR) is a technology by which a software program can analyze text and convert it into a format that can be processed by a computer or other machine
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An outcomes-based contract is a contract, often for services, that bases payment on the accomplishment of a specified objective, rather than upon time spent working or activities performed.
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In contract drafting terminology, many attorneys define “termination date” to be the date that one of the parties ends (or terminates) a contract.
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