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Contract management should be used to trigger proactive sourcing events only after a contract expires.
Automatic Termination
A clause within a contract or agreement that causes it to end automatically upon the occurrence of specific conditions.
Illegal Act
An action that is forbidden by law or statute.
No Recourse
A clause in an agreement that limits the ability of a lender to seek additional compensation from a borrower beyond the collateral securing a loan if the borrower fails to repay.
Subagent
An agent of an agent, or a person who is appointed by an agent to perform tasks that the agent has undertaken to perform for the principal.
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