Trakti Smart "Legal" Contracts Blog

Smart legal contracts and monitoring clauses

on March 12, 2024

Currently, ESG issues have become a major concern for businesses. To efficiently address these issues, enterprises must build quality and/or quantity monitoring systems. However, in traditional monitoring systems, data tempering and centralized storage have become barriers to reliability. Furthermore, due to lack of automation, traditional monitoring systems are inefficient.

Fortunately, Blockchain technologies and smart contract can provide all we need to overcome the above disadvantages and deficiencies.

Reading time: 4 minutes

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Open banking and contractual automation to reduce financial management costs

on March 12, 2024

Open Banking is an innovative model for banks and the financial industry. We can define open banking as a digital technology that revolutionised banks and financial services. Its aim is to establish, support, and strengthen clients’ trust. It allows banks to offer more agile financial services to their customers, helping them to make better decisions, and save money.

When Open banking comes with contractual automation, it can reduce financial management costs.

Digital disruption, FinTechs and Regulatory compliance such as the Revised Payment Services Directive (PSD2) have accelerated the competition in the financial sector and forced banks to open and speed up their systems.

APIs are used for sharing financial data in the open banking ecosystem. Using API, banks can now remodel and innovate their core systems.

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5 Best features for contract management

on January 22, 2024

Organisations have lots of business relationships dictated by contracts and their terms. While contract managers work diligently to keep track of contract terms, provisions, and obligations in a methodical fashion – there are additional solutions for contract management.

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Essential KPIs for procurement management

on November 30, 2023

In today’s rapidly changing and competitive market, procurement departments are under pressure to deliver value beyond cost savings. Companies are continuously looking for areas where they can improve the efficiency of their procurement process while making it more sustainable. 

However, to achieve this, crucial decisions need to be made based on the right data and metrics; Tracking essential KPIs for procurement management is vital. While these metrics can vary from company to company, there are several fundamental procurement KPIs that should be considered, regardless of industry.

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How Smart contracts will affect Procurement

on October 16, 2023

The role of procurement relies on making decisions quickly.
The quality of his decisions is based on the quality of his data and this is where Smart contracts can have a decisive effect on procurement.
A Smart contract is executable code in a transactional environment, such as a blockchain which allows the simple streamlining of business services.
The procurement functions can widely benefit by adopting Smart contracts based on blockchain technology.
The inner characteristics of this technology, as speed, efficiency, transparency and immutability, offer exclusive benefits.

In this article we will examine how Smart contracts can affect procurement.

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NO-COMPETE AGREEMENT

on October 9, 2023

A non-compete agreement prevents one or both of the contracting parties from competing with the other party in certain ways. It can either be inserted as one of the terms of the contract or it can form a stand-alone agreement. This agreement shall include reasonable time limits and territorial restrictions. It must not go beyond what is reasonably necessary to protect legitimate commercial interests otherwise might be unenforceable.

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SUPPLY OF SERVICE AGREEMENT

on October 6, 2023

In the service contract the Supplier is not an employee and is not subject to any subordination constraint: he independently organizes the necessary means for the provision of the service and freely manages his own time, within the limits of the instructions received from the customer and in respect of any qualitative standard specified in the contract. This document commissions the provision of a continuous or periodic service, with a fixed term or indeterminate. This agreement can be used for: services provided by freelancers, freelance consultants or artisans, whether they are intellectual services (such as the maintenance of a website) and manuals (such as maintenance of a building).

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