Companies can achieve better Blockchain mediation and arbitration with smart contracts. Blockchain’s capacity to expedite and simplify the entire commercial process will have a flow-on benefit to both the enforcement and procedural components of arbitration.
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Generally, contracts regulate long-term relationships, governing complex transactions that demand collaboration and flexibility. Issues can arise due to their incompleteness or because parties do not have a comprehensive view of their contracts. The former point addresses the concept of relational contract; the latter to the need of setting the right KPIs. Parties usually measure and monitor each other’s performance (two-way) and automate their reporting using a balanced scorecards, linking contracts to contract balance scorecard.
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Read moreEvolving your procurement strategy with relational contracts can be used to increase contract standardization and visibility across the entire supply chain – ensuring contracts are managed appropriately to secure supply and value for the organization.
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Legal drafting is changing. And legal design for smart contract is part of the equation.
Smart contracts and legal design have marked the transition to an approach that conceives the contract not more as a means of defense but as a functional one, as a means for achieving the purpose; in short, a result-based approach. So how we can use legal design principles to organize our templates for smart legal contract adoption. Let’s have a look!
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Smart contacts are a great way of helping you exchange property, money, and shares without the fees, hassle, and services that come along with them. For example, when you go up to a vending machine, all you need to do is drop the money in and the snack or drink comes out. Same with the smart contracts.
A smart contract works the same way – all your need is to have the required token into the wallet and whatever you have paid for automatically gets deposited into the recipient account, making it so much easier and more efficient than a traditional contract.
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When two years ago Thomson Reuters Regulatory Intelligence asked financial-services firms which was the greatest compliance challenge they expected to face in 2020, most of them answered “keeping up with regulatory change”.
Compliance became a thing soon after the 2008 financial crisis, and regulations have been changed many times since then. Thus, companies have been struggling to allocate the budget appropriately to face the increasing cost of compliance.
What is the next step?
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Managing and overseeing contract execution can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organisations money and time. It can also lead to costly and potentially disastrous instances of contract management.
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