SpotDraft Glossary
Get to know the common terms you'll come across in your SpotDraft experience
Category | Term | Definition | Synonyms |
People Involved | Counterparty | The person/organisation with whom you're engaging in a contract with. | Customer |
Business User | This user has all the rights over a contract by virtue of either creating it, or being assigned to it | Contract Creator, Requestor | |
Legal User | A user who reviews and negotiates on legal terms of a contract. They have edit rights and can accept or reject changes | Contract reviewer | |
Party Information | A list of stakeholders from the creator party and the counterpart/customer | Counterpart, Contracting party, promisee | |
Approver | A user who approves a contract either on an ad-hoc basis or at pre-set intervals across the contract lifecycle | Internal Stakeholders, legal users | |
Receiver | An internal or external stakeholder who receives a PDF copy of the executed contract | Other party, stakeholders | |
Signatory | The person who digitally signs a contract, taking it to execution | Signatory, Signature holder | |
Point of Contact | The primary stakeholder from the opposite party who fills in required info and negotiates on the contract | Main representative | |
Organisation | Organisation | The parent company or legal name | Holding company |
Entity | The business unit engaging in the contract | Signatory company | |
Contract Status | Draft Status | The contract has been created using the Template workflow, and is yet to be shared with the other party | Unsent template contract |
Redlining Status | The contract has been shared with the other party and is undergoing negotiations | Contract undergoing negotiations | |
Awaiting Signature Status | The contract is approved by all stakeholders and is awaiting signatures. | Approved contract | |
Executed Status | Signed contract | Signed Contract | |
Contract Information | Contract Information | Contains information about the contract's creation, updation, type and allows version control. | Contract data |
Tags | Allows for colour-coded categorisation of contracts for easier identification | Label, Flag | |
Reference ID | SpotDraft ID assigned to every contract in the repository for easier identification | SpotDraft ID, Contract Number | |
Key Pointers | Summary points with deal particulars for a quick overview of the contract | Metadata, Summary Points | |
Related Documents | Contracts or supporting documents with the same or related counterparty that can be linked together for reference | Supporting documents, linked contracts | |
Opportunity Details | Deal particulars linking the contract on SpotDraft to the integrated CRM entry | CRM entry details | |
Contract Actions | Pre configured approvals | Automate approvals before sharing contracts with the other parties for review or signatures | Automated approvals |
Pre sign approvals | Automated approval that gets triggered before a contract is shared with the other party for signatures | Final approval | |
Pre send approvals | Automated approval that gets triggered before a contract is shared with the other party for review | Post-creation approval | |
Ad hoc approvals | Easily request a last-minute or contract specific approval in any stage before a contract is signed | Contract specific approval | |
Pending with counterparty | Toggle gets enabled when a contract has a pending action on the other party, either review or signing | Due on other party | |
Request Review | Share a contract with a Legal user for their edits or suggestions | Legal review | |
Mark for execution | Directly push a contract for signatures | Skip negotiations | |
Signing Order | Customizable order in which signatories receive the contract for eSigning | eSigning sequence | |
Review Flow | All the steps taken under the 'Redlining' stage, including internal reviews and collaboration with the counterparty | Negotiations, Internal and external reviews | |
Assigned to me | Check the ‘Assigned to me’ box on the repository to get all the contracts with some pending action on you. eg. a review, signature setup, etc. | Contracts pending tasks | |
Workflows/Contract Processes | Contract Workflow | Format chosen to create/upload contracts | Creation process |
Contract Type | Standard contract formats for different business activities. For eg. an NDA, MSA, etc | Contract category | |
Template | Create contracts in minutes by simply filling in deal particulars, generating a standard legal document | Pre-set contract draft | |
Contract Name | Title of a contract | Contract Title | |
Third Party Contract | Any contract created outside of SpotDraft can be uploaded for review and signatures | Third party paper, Customer paper | |
Express Contract | Pre-filled and ready to share contracts via URLs for faster execution of no-negotiation documents | Pre-filled contract link | |
Sign Contract | A pre-approved contract that can be uploaded for eSigning | upload-for-eSigning contract | |
Executed Contract | A signed historical contract that can be uploaded on the SpotDraft repository | Historical contract, legacy contract | |
Campaign | A set of multiple similar contracts with different particulars created under 'Bulk Contract' workflow | Grouped bulk-send contracts | |
New Workflow | Allows Licensed Users to create/upload contracts and take them to execution. Signed historical contracts can also be uploaded here | New contract activity | |
Bulk Contract | Under the New workflow tab, allows a user to send out hundreds of similar contracts like Employment Agreements, IP Acquisition Agreements, etc at once | Mass contracting | |
Setup/Settings | Contract Intake Form | Allows Legal users to collect additional information about for Third Party/Sign Contract workflow, automate approvals, and set triggers based on the information received. | Customer contract information form |
Questionnaire | Form to put in deal particulars using which standard contracts get auto-generated | Contract generation form | |
Relation Type | Linkage to a previously signed contract with the same or related counterparty. For eg. Parent-Child, Addendum, etc | Contract relation | |
DraftMate | SpotDraft's Microsoft Word plug-in that enables you to create and edit standard contract templates | ||
Clause Library | Set up all your common terms and clauses in the in-built library for easier referencing and import | ||
Access Control | Add/remove users from your SpotDraft workspace and set up permissions across contracts | User Setup, Permissions setup |
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Last updated on August 23, 2023