This section lists the terms and their definitions for the CLM application.
Term
Definition
Contract
A set of terms and conditions agreed upon by two or more parties. A contract between two or more entities, with specific terms.
Contract document
A document generated by merging information stored in a record with an existing template.
Amend
An action that enables you to modify the terms of an active Contract.
It creates a new version of the Contract record with an "amended" relationship to the original Contract. The new, amended record shares the same base Contract number as the original, with the decimal point incremented by one.
Clause
A modular block of text that is used frequently across multiple templates.
Contract Management
The process of systematically and efficiently managing contract creation, execution, and analysis.
Document
A dynamically generated output through merging information stored in a contract record with the static text of an existing template. Output documents can be sent for review, approval, or signature.
Expire
An action that marks the Contract as Expired after the Contract term ends.
Offline Contract/Document
A third-party paper that you want to use as a basis for your contract.
Record
A collection of fields with information about a specific item of a specific type (represented by an object), such as a Contact, an Account, or an Opportunity.
Contract Type
A contract type defines which page layouts users see when they view Contract records, based on their user profile. For example, you can create contract types to differentiate your regular sales deals from your professional services engagements, offering different picklist values for each.
Retention Policy
A rule that determines the length of time a record must be stored.
Template
A blueprint to generate a variety of document types when merged with data from Contracts or quotes.