Glossary
The language of operational workflows
Direct definitions, why each term matters operationally, and where it shows up in your work.
1099-NECThe IRS form used to report nonemployee compensation paid to contractors.ACORD 25ACORD 25 is the standard certificate of liability insurance form used to summarize a party's coverage, limits, and policy dates.Additional InsuredA party added to another's insurance policy so it's covered under that policy.Approval MatrixAn approval matrix defines who must approve a transaction based on criteria like amount, department, or vendor.AttestationA formal statement confirming something is true, such as reading a policy.Audit EvidenceThe records that demonstrate a control or process was followed.Audit TrailAn audit trail is a chronological record of who did what, and when, to a document or record — requests, edits, approvals, and exports.Auto-Renewal ClauseAn auto-renewal (evergreen) clause causes a contract to renew automatically for another term unless one party gives notice to cancel within a defined window.Backup WithholdingA required withholding on payments when a payee's TIN is missing or incorrect.Beneficial OwnershipThe individuals who ultimately own or control a legal entity.Certificate of Insurance (COI)A certificate of insurance is a one-page summary, usually on an ACORD form, that proves a party carries specific insurance coverage with stated limits and dates.Certification ExpirationThe date a training certification or credential is no longer valid.COI TrackingMonitoring certificates of insurance for expirations and coverage requirements.Compliance ControlA defined step that keeps a process within policy or regulation.CounterpartyThe other party to a contract or transaction.Coverage LimitThe maximum an insurer will pay under a policy for a covered loss.Data RetentionHow long records are kept before being archived or deleted.Due DiligenceThe review of a party or document before entering an agreement.Effective DateThe date a contract's terms begin to apply.Electronic SignatureA legally recognized signature applied to a document electronically.Evergreen ContractA contract that renews automatically and indefinitely until canceled.Expiration MonitoringContinuously tracking documents for upcoming expiration dates.Force MajeureA clause excusing performance due to extraordinary events.Governing LawThe jurisdiction whose laws interpret a contract.IndemnificationA contractual promise by one party to cover certain losses of another.IndemniteeThe party protected by an indemnification clause.Limitation of LiabilityA clause capping how much one party can owe the other under a contract.Notice PeriodA notice period is the amount of time before a contract's renewal or end date by which you must give notice to cancel or change it.OFAC SDN ListThe U.S. Treasury list of Specially Designated Nationals subject to sanctions.OIG ExclusionAn OIG exclusion means a person or entity has been barred by the U.S. Office of Inspector General from participating in federal healthcare programs, and appears on the LEIE list.Onboarding PacketThe set of documents collected when bringing on a vendor or hire.Operational WorkflowAn operational workflow is a recurring, document-driven business process — collecting, approving, monitoring, and auditing the records that keep a company running.Policy AcknowledgmentA policy acknowledgment is a record that a person received, read, and accepted a specific version of a policy.Records ManagementThe practice of organizing and retaining business records.Renewal DateThe date a contract renews for a new term.Role-Based Access Control (RBAC)Granting system access based on a person's role rather than individually.SAM ExclusionA record in SAM.gov barring a party from federal contracts or assistance.Sanctions ScreeningChecking parties against sanctions and exclusion lists.Segregation of DutiesSplitting a process across people so no one controls every step.Statement of Work (SOW)A document defining deliverables, scope, and timelines.Taxpayer Identification Number (TIN)An IRS number identifying a taxpayer, such as an EIN or SSN.Termination ClauseContract language defining how and when an agreement can end.Termination for ConvenienceA clause letting a party end a contract without cause, usually with notice.TIN MatchingVerifying that a vendor's Taxpayer Identification Number and name match IRS records.Umbrella CoverageExcess liability insurance above primary policy limits.Vendor OnboardingThe process of collecting the documents and details needed to do business with a new vendor.Version HistoryA record of each version of a document and the changes between them.W-9A W-9 (IRS Form W-9, Request for Taxpayer Identification Number and Certification) is the form a U.S. business asks a vendor or contractor to complete so it can report payments to the IRS.Waiver of SubrogationA clause preventing an insurer from recovering from a third party.Workflow OwnerThe person accountable for a given operational workflow.