All posts tagged Smart legal contracts
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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Lawyer and Smart legal contracts: legitimate fears and concrete opportunities? How many times years ago have I wondered? How many times before deciding to take this path, I wondered if the blockchain, smart contracts and everything revolved around it constituted a new opportunity, the solution I was looking for, or if instead they would simply replace me, put me on the corner.
I glimpsed, but did not fully understand.
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Looking into the future we’re on the road to a new world where everything is linked and potentially possible.
People get connected with other people physically, through avatars, online tools, and any element that belongs to this new world. Rather than one device handling every calculation, a network of devices can now do this instead, benefitting of the cooperation of an entire network.
Every data is accessible, every service is sensing, automated, connected and shared…
We are on a new planet where industries totally shifted from inflexible, monolithic methods to more modular and microservices approaches.
But let’s imagine moving forward in time for a sec.
Reading time: 4 min
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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Blockchain gave rise to the concept of smart contracts; legal agreements programmed, executed and automated in computer code. While the automation associated with smart contracts has proceeded, legal standards supporting that automation have been slow to emerge. Legal practices who want to adopt this new technology need to be aware of the essentials for smart legal contracts drafting.
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Sales success requires a great deal of planning. From identifying and nurturing leads to renewing and retaining existing customers. While CRM platforms have managed to enhance sales efficiency and provide visibility, there’s still room for improvement.
We already know how essential business documents are for the multitude of tasks that distract reps from selling. Documents connect every area of a business and enable information sharing across departments. They’re also the source of almost all sales-related work and day-to-day tasks: 50% of knowledge workers’ time is spent creating and preparing documents, and 92% of professionals still collaborate on and review documents by email.
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As declared many times, our objective is to diffuse a Smart Legal Contract framework to facilitate compliance and control with less overhead. Smart legal contract are automating controls and increase the efficiency of companies.
As we know contracts often include collateral or penalties for non-compliance. The purpose is to make the possibility of fulfillment of the contract more likely. Sometimes the lawyer’s creativity in securing the other party’s compliance is noteworthy!
I was so impressed and amused to discover how a rock band (Van Halen, to be precise) used candy to show whether a contract had been carefully read and, therefore, whether the band’s complex, and potentially dangerous, technical requirements were likely to have been met!
Reading time: 5 minutes.
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