Glossary of Terms

Category

Term

Definition

Synonyms

Parties involved

Creator party

Your organization

Creator party - Organization

The parent company or legal name of your organization.

Holding company

Creator party - Entity

The business unit of your organization engaging in the contract.

Signatory company

Counterparty

The party you're contracting with. This can either be an organization or an individual.

Customer

Roles of users

Business user

This user either creates a contract or is assigned to it, holding full rights over it.

Contract creator, Contract owner, Requestor

Legal user

A user who reviews and negotiates the legal aspects of a contract, with the authority to accept or reject changes.

Contract reviewer

Approver

A user who authorizes a contract either as needed (ad-hoc) or at predetermined stages in the contract lifecycle.

Internal Stakeholders, legal users

Signatory

The person who signs a contract digitally.

Signatory, Signature holder

Receiver

An internal or external stakeholder who gets a PDF copy of the finalized contract.

Other parties, stakeholders

Counterparty point of contact (PoC)

The main representative from the counterparty who is responsible for providing the required information and negotiating the contract.

Main representative, Point of contact, PoC

Admin

Any member of the default Admin team. An admin can modify all the settings within the workspace. While they do not get access to contracts by default, they could add themselves as a contract-type viewer, editor, etc. and gain access.

Admin, super admin

Contract Information

Title

Title of the contract. This will be used in the repository to reference the contract.

Contract ID

A system generated a unique ID.

Reference ID

SpotDraft ID assigned to each contract in the repository for identification.

SpotDraft ID, Contract Number

Contract type

Standard contract formats for different business activities, e.g., NDA, MSA.

Contract category

Status

This can be used to identify the stage in which the contract is in.

Stage

Contract Metadata

Summary points with deal details for a quick overview of the contract.

Metadata Fields, Key Pointers, Summary Points

Tags

Color-coded categorization of contracts for easier identification.

Label, Flag

Related records

Related contracts

Contracts belonging to the same counterparty that can be linked together for reference.

Linked contracts

Supporting documents

Files uploaded as reference materials

Supporting documents, additional documents

Opportunity details

An overview of details from the external record (Salesforce Opportunity, Hubspot Deal, etc.) linked to the contract. This is available only if the respective integration is enabled

CRM entry details

Contract statuses

Draft

The contract has been created using the Template workflow and is yet to be shared with the other party.

Unsent template contract

Redlining

The contract is shared with the other party and is in the negotiation phase.

Contract undergoing negotiations

Signing

The contract has been approved by all stakeholders and is ready or already sent for signatures.

Approved contract

Executed

The contract has been signed by all designated signatories.

Signed Contract

On hold

The contract has been put on hold. It can be resumed later.

Voided

The contract has been voided. This is usually done when the negotiations drop off mid-way or a duplicate contract is created.

Deleted

The contract has been deleted.

Approvals

Pre-send approvals

Automated approvals that are triggered before a contract is shared for review.

Post-creation approval

Pre-sign approvals

Automated approvals that are triggered before a contract is shared for signatures.

Final approval

Ad hoc approvals

Approvals that are requested at any stage before a contract is signed.

Contract specific approval

Filters and toggles

Pending with counterparty

Indicates that a contract has a pending action on the counterparty, either review or signing.

Due on the other party

Assigned to me

Used to filter all the contracts in the repository that are pending actions from you, such as a review, approval, signing, signature setup

Contracts pending tasks

Contract actions

Download

Download a copy of the contract.

Upload version

Upload a new version of the contract.

Preview

Preview the current version of the contract.

Send for counterparty review

Send the contract to the counterparty for their review and redlines.

Request internal review

Share the contract with a legal user for their edits or suggestions.

Legal review

Request internal approval

Request an ad-hoc approval when needed.

Mark for execution

Mark the contract as the final version ready to be signed.

Set signing order

Customize the order in which signatories receive the contract for eSigning.

eSigning sequence

Send for signatures

Send the finalized contract for signatures.

Put on hold

Put the contract on hold. This can be resumed later.

Void

Void the contract. This is usually used when a contract has a duplicate in SpotDraft or is no longer needed.

Delete

Delete a contract so that you don't have unnecessary contracts in your repository. You can always see this under the 'Deleted' tab.

Miscellaneous

Workflow

A set of steps involved in contract creation and negotiations. This can include approval processes, template setup, reviews, etc.

Questionnaire

A set of questions that the users can answer that will be used to populate the values for a standardized contract template.

Intake, Form data

Intake form

A set of questions that the users from your organization need to answer when a contract is uploaded.

Intake, Form data

Access control

Rules set to manage user's/team's access to the workspace and contracts.

Permissions, Roles

Task center

A single place to see all the tasks that are assigned to you.

DraftMate for admins

The MS Word plugin that can be used to create and manage standardized contract templates.

DraftMate for users

The MS Word plugin that can be used to collaborate on a contract by commenting and tagging users.