All posts tagged Contract management
Contracts are an important aspect of any business. But without a plan in place, the contract management process can become overwhelming and full of risky manual errors.
There is the need to have a plan in mind to set up a smart contract management process to drive efficiency in organisations.
Reading time: 4 minutes. Photo by krakenimages on Unsplash.
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Automating controls and compliance with blockchain is the next step in the digital transformation of companies of all sizes and types. Blockchain technology can create greater efficiency than we’ve ever known, while reducing delays, costs and errors.
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A hold-up problem in contracts is the situation where after one party has made some relationship-specific investment, the counterparty refuses to fulfil the original terms of the contract asking for better conditions.
Reading time: 4 minutes. Photo by Kai Pilger on Unsplash.
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Decentralization over blockchain infrastructures is a fundamental aspect in the adoption of the technology and is the main reason why it has acquired increasing importance in the last decade. The technology emerged to implement peer to peer transactions of digital money that could displace commercial banks’ gatekeeping of digital transactions of bank deposits and central banks’ monopoly over the value (and therefore supply) of fiat money. And it has gone a long way since then.
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You can use a multicriteria vendors evaluation form to determine the best vendor or supplier based not only on price but also on a full spectrum of concerns. Vendor assessment should support your company’s mission. It should support ethics, and business goals in the areas of technical competence and quality, cost and financial integrity, ability to communicate, social responsibility, and cultural commitments.
Reading time: 4 minutes. Photo by Franki Chamaki on Unsplash.
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Before digging into the lack of flexibility in smart contracts let’s see what flexibility actually is.
Traditional semantic contracts are flexible. Such flexibility operates during the negotiation phase as well as at breach.
Flexibility allows parties to use ambiguous terms, generally defined terms, commercial customs in their agreements.
Furthermore, flexibility enables parties to shape and adapt their business relationship through modifications, amendments, sometimes arbitrarily.
Reading time: 3 minutes. Photo by Ken Suarez on Unsplash.
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Contract obligation management and controls with smart legal contracts offer a more secure and streamlined way to achieve an effective and automated contract management system.
Contract management has long been the norm for many industries looking to streamline their supplier and vendor relations. However, the process of managing contract creation, execution, and analysis has historically been plagued by inefficiencies and error due to the manual work involved. That is why we’re seeing a new standard in the form of contract obligation management and control with smart legal contracts.
Reading time: 3 minutes. Photo by Omar Flores on Unsplash.
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