Glossary
A
Agreement: A legally binding contract that an organization signs with another party for a specific purpose. For example, a company may agree with its supplier to receive certain products or services within a specified time to a certain location.
Amendment: Any changes or updates made to an Agreement, after it is executed. For example, if the requirements of either party changes, then the Agreement has to be amended and executed (signed) again to reflect these changes. All the stakeholders must agree to the changes before the Amendement can take effect. In ICM, the Amendment follows a workflow very similar to that of an Agreement.
Approver: An ICM user that has the an Approval role. This role is resposible for reviewing and approving various entities, such as Agreements and Contract Requests in ICM.
Associated Documents: Any documents pertaining to the Agreement being created, such as Minutes of Meetings (MoMs) and summary of phone conversations. These documents need not be officially approved, but can be uploaded as attachments to the Agreement to give some context to the Agreement.
Attributes: Attributes are used to capture the actual values of various entities, such as company name, address, contract value, dates, and so on. Attributes can:
- be made conditional so they are populated based on the value of other Attributes
- inherit values from associated entities or lookup values from the Masterdata
C
Clause: Part of a legal document covering a particular subject of the whole document; terms, conditions, and legal bindings.
Collaborate: Share your agreement with external users.
Commitment: These are obligations towards an agreement. You fulfil the commitment towards the agreement throughout the contract lifecycle. For example, reminding supplier about the contract expiry and renewal.
Contract: See agreement.
Contract Type: It is a type of contract. It decides which attributes and associations a contract should contain. For example, MSA contract type will define which attributes and associations MSA contract should contain.
D
Dashboard: Single page displaying the status of important events.
Delegate: Delegate your approval task to another user.
Deviation: That which differs from original. In ICM, an agreement goes through reviews and approvals from various stakeholders. They may suggest changes in the content of an agreement such as clauses, attributes, and other content. This change in the text from original is a deviation.
E
External Signatory: A third party user who either electronically or manually signs an Agreement/Contract.
I
ICM: Icertis Contract Management. It is an integrated platform to create, execute, and manage agreements with enhanced efficiency and control.
Internal Signatory: An ICM user who either electronically or manually signs an Agreement/Contract.
K
Key Performance Indicators (KPI): The elements based on which performance of a particular activity is measured.
L
Lock: After you lock an agreement, other users in the team can not take any action on the agreement.
M
Metadata: See Attributes.
Masterdata: One of the contract types you can create using ICM. It has peer-to-peer association with the contract type agreement.
N
Notifications: Notifications that you receive for events or for the tasks that require your action.
O
Own Paper: Company owned agreement template that has company specific clause, terms, and language.
P
Primary Owner: User who has initiated or created the agreement.
Publish: After the Contract Type or Agreement is approved, you publish it to make it available for use in the system.
Q
QR Code: It is a machine-readable code that contains the information related to the agreement. It appears on the agreement PDF after it is approved.
R
Request: When you want to start creating a new agreement, you can raise a request with the the necessary information required to create the agreement. Raising a request may be optional or mandatory depending on how the ICM workflow is configured in your organization.
S
Secondary Owner: Co-owner of the agreement record who has the same set of action privileges as the primary owner but who cannot remove the primary owner from the team.
Stand Alone Agreement: In ICM, an agreement that is initiated without a contract request.
T
Template: Basic layout for an agreement in which you can pre-define the fields you want to include in the agreement that you are creating.
Third Party: It refers to supplier or an external party.
Third Party Paper: Agreement document not owned by the company and taken from other party such as supplier.
Turnaround Time: The duration from the date of creation of an agreement till the date of its execution.
