The contract legal approval workflow can prove challenging, tedious, and time-consuming in a contract management process. Any legal document must be created, sent for review, approval, edited, and signed, generating back-and-forth emails and calls to negotiate it, involving generally multiple people.

The contract legal approval process generally follows a five-step framework:

• Definition of the legal contract
• Review and approval
• Signature
• Contract amendment
• Contract execution

The adoption of new technologies can radically streamline the process by increasing the efficiency of its workflow, improving team collaboration and communication, and providing transparency and security of data.

What is a Smart legal contract?

A Smart legal contract is a legally binding contract, in which some clauses are translated into code, according to the logic of cause and effect – if-this-then-that. These contracts are based on blockchain technology and they can automate legal contract processes by setting a more agile contract workflow.

The legal industry is increasingly linked to the blockchain, getting a more flexible system for contract lifecycle management.

Trakti is the first automatic contract negotiation and management platform, unique and compliant, able to support the entire contract lifecycle management.

Our unified, Smart legal contract platform integrated with blockchain, allows you to automate legal contracts from start to end, improving the whole contract legal approval workflow. Let’s see how to accelerate the Contract legal approval workflow with Trakti and which critical issues it can definitely solve.

Thanks to the characteristics inherent in blockchain technology, our innovative platform lets you automate your contracts making your agreement automatically controlled, expediting the whole process, and improving team collaboration and communication. The Smart legal contract module, based on the blockchain, can run all rules and transactions, while certifying and notarizing all your contracts, keeping data safe and immutable at the same time. Its code is logic-driven, and it unlocks value or access when a pre-agreed condition is met.

Smart legal contracts can control if both parties are compliant with the terms of a legal contract, penalising the offending party by automatically issuing a refund.

As tamper-proof contracts, they can reduce the risk of manipulation and unfair advantage to any party. The only way to edit or make changes to a Smart legal contract is by adding another block to the existing chain with the mutual consent of all parties.

By adopting Trakti unified end-to-end platform you can get the following benefits:

• Automate Legal Contracts
• Streamline Processes
• Facilitate Collaboration
• Increase Compliance

Thanks to the power of blockchain technology, our Smart legal contracts allow you to automate rules and payments, monitor and track all changes, offers, approvals, and reviews, improving compliance and control within the process.

You will be able to improve and facilitate team collaboration and transform also the crucial negotiation phase into an agile collaborative step. Improving teamwork can add a remarkable business value as it not just speeds up the process but also ease communication within the counterparts.

Trakti lets you easily set up the negotiation, communicate and collaborate with your team and with the counterparts, ask for approval and external reviews, compare offers and track all changes, just in one unified platform. Collaborative editing would drastically reduce the risk of mistakes or discrepancies by increasing business agility value and improving risk management.

With our platform, any legal contract automation removes many of the opportunities for errors as it plays like a checklist ensuring that any key issues would be addressed in every contract. These iterative improvements allow you to sharpen your contracts, cutting off any needless negotiation, speeding up the drafting stage.

Through our platform you can import your templates, or create a new one and simply customise it with our editor, negotiate, and automate the signature process integrating the Trakti eSignature module, eIDAS compliant.

Trakti can also automatically generate a comparison grid which will be able to simplify your evaluation of offers, helping to select the right counterparts for your deal at a glance. As a no-code platform, it is accessible to everyone without any skills in code programming.

With Trakti you can facilitate communication and synergy within the organisation allowing them to access, evaluate and rate offers as they come in, and monitor any contract change in real-time. You can ensure access to all authorised team members, having previous offer’s versions automatically compared against any previous. All offers on Trakti are registered and tracked, to improve ‘auditability’ and compliance.

Our platform will make it smoother to collect feedback through our offer review module and the rating system will let you receive feedback and attachments directly from your team to let you easily and promptly select the best offer received.

Thanks to Trakti’s end-to-end flow, you can now track any changes on legal contracts and be able to monitor the sequence of approvals, reviews and authorizations received.

Any interaction with counterparts will be sequenced in a secure and fully auditable audit trail.

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