What is governing law in SAP LCM - Legal Content Management?

SAP Term: governing law

• Component: LCM

• Component Name: Legal Content Management

• Description: The system of law according to which a contract is to be construed or interpreted.

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• Key Concepts: 
  Governing law is a term used in SAP Legal Content Management (LCM) to refer to the laws and regulations that apply to a particular business transaction. It is important for businesses to understand the governing law of their transactions in order to ensure compliance with applicable laws and regulations.
  
  How to use it: 
  In SAP LCM, governing law can be set up for each transaction. This allows businesses to ensure that all transactions are compliant with the applicable laws and regulations. The governing law can be set up by selecting the appropriate country or region from the drop-down menu in the SAP LCM system.
  
  Tips & Tricks: 
  It is important to ensure that the governing law is set up correctly in SAP LCM, as this will ensure that all transactions are compliant with applicable laws and regulations. Additionally, it is important to regularly review and update the governing law settings in SAP LCM, as laws and regulations can change over time.
  
  Related Information: 
  For more information on setting up governing law in SAP LCM, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, you can find more information on legal compliance in general on the SAP website.