CLM Concepts

This section provides an overview on contracts, contract lifecycle, contract authoring, frame agreements.

• Contracts Concepts
  Contracts formalize the terms and obligations of a business relationship; for example, the process and other terms and conditions under which a customer is buying products and services from a provider. Vlocity centralizes contract management in a single repository built on Salesforce, and enforces the life cycle of each individual contract and its associated documents.
• Contract Lifecycle Concepts
  Each contract has a life cycle to progress through. For example, a contract could start in Draft status, where the contract author drafts the contract. Salesforce CLM generates a contract document. The contract requires internal approvals, so the status changes to In Approval. Then, the contract is negotiated, so the status becomes In Negotiation. When the contract is signed, the status becomes Signed. After the customer signs the contract, there may be a need for additional internal approvals. Finally, Salesforce CLM activates the contract and places in the Active status.
• Contract Authoring Concepts
  Using Vlocity CLM, contract authoring is a standardized and repeatable process. Contracts are based on document templates, which are based on clauses from the clause library. The clause library is a collection of pre-approved legal language and terms. Once created, a template can be used to build multiple contracts, ensuring that only legally approved terms appear in the contract. Vlocity CLM tracks any changes a user makes to a contract, indicating the individual’s name. Approvals are obtained before a contract is sent to a customer.
• Vlocity Contract Lifecycle Management for Government
  You can use features of Vlocity Lifecycle Management (CLM) for generic document generation for Vlocity Government. For example, you can generate dynamic documents for other purposes, such as proposals, order documents, and other agreements. These documents are typically generated as part of an Omniscript flow.
• Vlocity Contract Lifecycle Management for Vlocity Insurance and Vlocity Health
  You can use features of Vlocity Lifecycle Management (CLM) for generic document generation for Vlocity Vlocity Insurance and Vlocity Health. For example, you can generate dynamic documents for other purposes, such as proposals, order documents, and other agreements. These documents are typically generated as part of an Omniscript flow.