Terms Dictionary

by Michael Nadeau Updated on Nov 11, 2024

Terms Dictionary (Text)

1. Alert Types

These are the different types of notifications that are presented to you. They include Alert, Pre-Check, and Further Review.

2. Blank Checklist

This feature allows you to conduct an ad-hoc review, leave notes, and create action items. It provides access to your clause library and a feature called Definitions and Cross-references.

3. CatalystAI, AKA Precedent

This AI tool by Onit assists with the contract review process. It offers features like risk management, different alert types, creating workflows, commenting, and redlining.

4. Clause Library

This is where your organization's standard language is stored. You can search and insert clauses into the checklist.

5. Concept

These are larger pieces of legal text on which the AI is trained. This is how you build the rules to get the AI to find and show you what is important. Examples include Force Majeure, Indemnity, Liability, Assignment & Novation.

6. Contract Lifecycle Management

A tool for managing the life of contracts created or administered by a company. It includes everything from initial request and authoring of the contract through negotiation, signing, fulfilling obligations, auditing for compliance, and eventual renewal or termination. CLM aims to streamline and automate these processes for efficiency, reduce legal risks, and improve contractual performance.

7. Dashboard

This provides additional information, including the contract's risk score, progress bar, status (in progress, done, on hold), and duration (time spent in review).

8. Definitions and Cross-references

These are clickable pieces of text that define terms or refer to document sections. Turning off the purple highlighting before sending the document to a third party is essential.

9. Detail

It is similar to a concept but looks for smaller data pieces. Examples include Term period, Dispute Venue, End Date, and Maximum Liability.

10. Fuzzy Search

11. Groups

These are like folders that house and organize your Issues.

12. Guidance

This refers to the advice or direction provided to ensure that a contract is legally sound, fair, and meets the needs of all parties' needs. This can include advice on the wording of clauses, the implications of specific terms, compliance with relevant laws and regulations, and strategies for negotiation. Guidance is typically provided by legal professionals or contract management software and is crucial for minimizing risk and potential disputes.

13. Issues

These are your action items to work through and check off.

14. Playbook

This is how you handle specific contract types. It is the foundation for building your Smart Checklists.

15. Playbook Manager

This tool creates and edits your Smart Checklists and Clause Library.

16. Risk Score

This risk score of 0-100 is given to a contract reviewed by CatalystAI, with 100 being the riskiest. This score compares to the perfect version of that contract type.

17. Send for Review(CLM)

Once a contract record has been created in CLM, you will see a button that will allow you to send the contract to Catalyst to review it.

18. Skillset

When creating a Smart Checklist, you will initially select a skillset. A skillset lets the AI know the kind of contract it will be reviewing. Examples are Confidentiality, Construction, Data Processing Addendum (DPA), Employment, Procurement, etc.

19. Single Sign On (SSO)

Single Sign-On (SSO) is a system that allows users to access multiple applications or websites with a single set of login credentials. It's like having a master key for multiple doors. Instead of remembering different usernames and passwords for each site, you only need one. Once you're logged in with your SSO credentials, you can seamlessly access all connected sites without logging in again. This simplifies the user experience and enhances security by reducing the number of passwords to manage.

20. Smart Checklist

This is an AI-assisted checklist tailored to specific contract types. It includes features such as prefilled notes, fallback positions, risk scores, and a progress bar.

21. Workflow (CLM)

This refers to the sequence of processes through which a contract moves from initiation or creation to completion or termination in the Contract Lifecycle Management system. It helps streamline and automate tasks, ensuring a smooth flow of contracts.

1. Alert Types

These are the different types of notifications that are presented to you. They include Alert, Pre-Check, and Further Review.

2. Blank Checklist

This is a feature that allows you to conduct an adhoc review, leave notes, and create action items. It provides access to your clause library and a feature called Definitions and Cross-references.

3. CatalystAI AKA Precedent

This is an AI tool by Onit that assists with the contract review process. It offers features like risk management, different alert types, creating workflows, commenting, and redlining.

4. Clause Library

This is where your organization's standard language is stored. You can search and insert clauses into the checklist.

5. Concept

These are larger pieces of legal text that the AI is trained on. This is how you build the rules to get the AI to find and show you what you find important. Examples include Force Majeure, Indemnity, Liability, Assignment & Novation.

6. Contract Lifecycle Management

A tool for managing the life of contracts created or administered by a company. It includes everything from initial request and authoring of the contract, through negotiation, signing, fulfilling obligations, auditing for compliance, and eventual renewal or termination of the contract. The goal of CLM is to streamline and automate these processes for efficiency, reduce legal risks, and improve contractual performance.

7. Dashboard

This provides additional information, including the contract's risk score, progress bar, status (in progress, done, on hold), and duration (time spent in review).

8. Definitions and Cross-references

These are clickable pieces of text that define terms or refer to sections of the document. It's important to turn off the purple highlighting before sending the document to a third party.

9. Detail

Similar to a concept, but it looks for smaller pieces of data. Examples include Term period, Dispute Venue, End Date, and Maximum Liability.

10. Fuzzy Search

A search method that finds matches that are approximately similar to the search term, rather than exactly matching it. This allows for minor discrepancies, such as typos or slight variations in spelling, to still yield relevant results. It's especially useful in scenarios where the exact spelling or phrasing of a term might not be known, ensuring that users can still find what they're looking for even if they make small errors in their search input.

Logic Operators:

NOT: This operator negates the value of a fuzzy set. If a value has a membership of 0.7 in a set, the NOT operation would make it 0.3 (assuming a scale of 0 to 1).
AND: This operator takes the minimum of the membership values of two fuzzy sets. For instance, if one set has a membership value of 0.5 and another has a value of 0.7 for a particular element, the AND operation would yield 0.5.
OR: This operator takes the maximum of the membership values of two fuzzy sets. Using the previous example, the OR operation would yield 0.7.
" " (Double Quote): Phrase matching, find the specific phrase of governing law.
- E.g. “governing law”

11. Groups

These are like folders that house and organize your Issues.

12. Guidance

Refers to the advice or direction provided to ensure that a contract is legally sound, fair, and meets the needs of all parties involved. This can include advice on the wording of clauses, the implications of certain terms, compliance with relevant laws and regulations, and strategies for negotiation. Guidance is typically provided by legal professionals or contract management software, and is crucial for minimizing risk and potential disputes..

13. Issues

These are your action items to work through and check off.

14. Playbook

This is how you handle specific contract types. It is the foundation for building your Smart Checklists.

15. Playbook Manager

This is the tool that is used to create and edit your Smart Checklists and Clause Library.

16. Risk Score

This is a risk score of 0-100 given to a contract that has been reviewed by CatalystAI, with 100 being the riskiest. This score is in comparison to what would be the perfect version of that contract type.

17. Send for Review(CLM)

Once a contract record has been created in CLM you will see a button that will allow you to send the contract to Catalyst so that it can review the contract.

18. Skillset

When creating a Smart Checklist, you will select a skillset at the beginning. A skillset lets the AI know the kind of contract it will be reviewing. Examples are Confidentiality, Construction, Data Processing Addendum (DPA), Employment, Procurement, etc.

19. Single Sign On (SSO)

20. Smart Checklist

This is an AI-assisted checklist tailored to specific contract types. It includes features such as prefilled notes, fallback positions, risk scores, and a progress bar.

21. Workflow (CLM)

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Terms Dictionary