What is the difference between Procurement Contracts and CLM module?

Is there a document or MOS note that highlights the major differences between Procurement Contracts module Vs Contract Lifecycle Management (CLM) module?  Also, can we leverage CLM functionality in private sector as well? (I mean are there any license restrictions associated with its usage).

Based on my research so far CLM is only made for Public Sector (like Government Sector) and the functionality will be introduced through a patch in 12.1.3. Any further references will be much appreciated.

Thank you.

Note - I have checked MOS Note 1152223.1 which gives insights into CLM but still my trying to find out something more in terms of differences of functionality in relation to PC module.