A contract review is a crucial step in the contract management process.
Before signing a contract, a contract review allows a full check of its clauses to avoid an unwary acceptance and the risk of committing to obligations that can’t be fulfilled.
Reading time: 3 min
Contracts are fundamental for all transactions in the business world. But the recent market turmoil has highlighted the importance of digitalization of processes and adequate risk management.
In “conventional”, physical legal contracts, parties usually sign them with a handwritten/electronic/digital signature, depending on the form of the contract.
But as far as legal smart contracts go, how do parties sign and validate them? How can part B show its consent in adhering to part A’s smart contract? Are private and public keys used here?