Trakti Smart "Legal" Contracts Blog

Compliant contracts: how to hit the target

Compliant contracts: how to hit the target

on November 4, 2020

Photo by Alexandre Lion on Unsplash

Contracts are assets. They are essential in the management of business risk, for the containment and control of costs, for the prevention of damage and for the actions of counterparties.

Companies need good contracts or, better, compliant contracts.

Contracting and compliance are intertwined facets and require methodical oversight; without an enterprise approach to contract life cycle management, businesses can lead to increased costs, legal risk, penalties and the potential for reputational damage. For these reasons, an effective contract management plan not only ensures better relationships between contractual parties, but also enforces compliance and mitigates risk.

Contracts are assets and Trakti provides a tangible contract management platform, which maximize the performance of the whole contract life cycle, ensuring compliance. How?

Focusing on the following steps:

1. Vet and select your client, supplier, partner

Make sure your counterparties meet not only prices, quality and delivery requirements but also comply with regulations and laws.
Trakti provides KYC and AML integration with third party software to facilitate on boarding and simplify suppliers and clients ID checks.

2. Structure:

creating simple workflows which move contracts through their life cycle. Parties can securely exchange deal’s specifications, files and communicate with each other through simple direct messages, maintaining full control on all aspects of the deal.

3. Track changes

View document changes in real-time by having previous offers versions automatically compared against previous offers. All offers are registered and tracked, ensuring access to all authorised team members, improving auditability and compliance.

4. Audit and display of the chronology

Increase your internal compliance and traceability of all processes connected to contract negotiation and management.
With Trakti end-to-end flow you’ll be able, not only to monitor and track changes in your offers and counter offers. You’ll also be able to monitor the sequence of approvals, reviews and authorizations received. All those activities will be sequenced with all the interaction you have with counterparts, in a secure and fully auditable audit trail.

5. Ask permission and authorisation to publish a new deal

Make sure the line manager, and legal representative, are asked to approve the deal before counterparties are notified. The approval is recorded in the deal history for due diligence and compliance purposes. Furtheremore, make sure a new template is authorised by the right people before it’s published and made available to the entire organisation.

6. Set up deadline reminder

Get reminders about upcoming deals’ deadlines in your dashboard, notification inbox, and via email.

7. Create a double authentication process

Trakti sends authentication codes by email to validate a signer’s identity before they sign and upload a contract in the platform.

8. Notarize

Increase the level of security and auditability of your deals. Make sure your activities and contracts are always certified and trusted. We not only provide Trakti’s timestamp, we also use the blockchain to make all your contracts digital time stamped.

As you can see, Trakti system is flexible enough to be adapt to a large range of contract models. We satisfy different types of companies and businesses needs. We deliver them the technology that they need to keep the entire contract portfolio lean, agile and compliant.

Have a chat with us, or activate a trial period.

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