If Oracle Procurement Contracts is installed and licensed, you can create contract terms and apply them to your CLM document (Award/IDV or Solicitation). You can use contract terms to specify legal and other requirements for your CLM document. Using contract terms is an easy way to create and maintain standardized contract text that can be customized as needed. You can also edit the clauses applied by the template, if required.

Contract administrators and legal personnel may negotiate and author a vast number of complex contracts each year. Maintaining control on the terms for each contract can be a time-consuming and daunting task. CLM simplifies this process by providing a centralized contract terms library.

Companies that operate globally can use the Library to establish company-wide standards and enforce them on a global basis. To accommodate local or country-specific regulations, they can give the local library administrators the flexibility of tailoring these global standards.

For more information on using the Contract Terms Library, please refer to the Oracle Procurement Contracts Implementation and Administration Guide.

Accessing the Contract Terms page from the Awards / IDVs pages

When you create an Award/IDV, the Actions LOV that is accessible from any of the tabs (Header, Lines, etc) has an action called Add Contract Terms. Select Add Contract Terms from the Actions LOV and click Go to open the Contract Terms page.

When you update an Award/IDV/Modification, the Actions LOV that is accessible from any of the tabs (Header, Lines, etc) has an action called Update Contract Terms. Select Update Contract Terms from the Actions LOV and click Go to open the Contract Terms page.