Approval workflowĪn approval workflow is a process that allows legal teams to let business users work on their own contracts, usually from a template, but with safeguards in place so that before the contract goes to the counterparty, it must be reviewed by legal. They don’t change or affect the contract’s terms in any way – they just add extra information about it that you need to know (e.g. Appendix/appendicesĪppendices usually appear at the end of a contract. These are almost always done in writing, and must be agreed and signed by all parties. AmendmentsĬhanges to a contract that are made after it’s signed. Some contracts contain a clause saying that if there’s a problem, then the parties should follow specific ADR processes to fix it. Alternative dispute resolution (ADR)Ī way to resolve a contractual dispute without going to court e.g. Find out more about agreement vs contract. An agreement isn’t legally binding though – a contract is a type of agreement that is legally binding and is enforceable in court. AgreementĪny type of understanding or arrangement reached between two or more parties, whether in writing or not.

Addenda/addendumĪ contract addendum adds new terms to an existing contract, while still keeping all the original terms in place. A contract that’s declared void ab initio can’t be amended to correct whatever’s wrong with it – it’s treated as if it never existed at all. This means it was invalid from the start, for example if the person who signed it didn’t have the legal right to do so. You might see a contract referred to as “void ab initio”. Hit the button below to find out more - otherwise, read on.Ī Latin term which means “from the beginning”. Juro is the all-in-one contract automation platform that helps visionary legal counsel and the teams they enable to agree and manage contracts in one unified workspace.

No wonder so many business find contract process painful. The process of agreeing and managing a contract can involve five tools - Word for drafting, email for sharing, eSignature for signing, shared drives for storing and Excel for recording contract data. Here's our guide to the meaning behind some of the most common contract terminology. Combined, it's a wonder anyone can understand anything.Īt Juro we're on a mission to help the world agree more, and that means making it easier for people to understand the core legal concepts and terms that create confusion and irritation when parties want to collaborate. The private practice and in-house legal worlds are full of legal jargon.

Mr grey contract terms