All posts tagged Smart legal contracts
Blockchain has the potential to fundamentally change the way organizations do business.
In the retail sector, blockchain is finding a lot of applications: from revolutionising loyalty programs and digitising product warranties to potentially allowing for the development of peer-to-peer marketplaces that could compete with the likes of eBay or Airbnb.
Let’s see how increase sales compliance through contract automation …
Reading time: 4 minutes. Photo by Cam Bradford on Unsplash
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Real estate, as in all commercial fields, has been a victim of the great uncertainty that the pandemic has brought to most industries.
There has been a drop in the number of contracts that have been signed. And the investment risk in real estate has grown, especially in the commercial sector.
Many people were not ready to manage negotiations through digital systems and didn’t have the tools to rent out apartments or commercial properties during a lockdown.
So how to implement contract innovation in real estate? Keep reading to find out 
Photo by Aleksandar Pasaric from Pexels
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Ask anyone in the business world about their pain points and you’ll likely hear: sales and signatory management. Updating, monitoring, and managing lists is currently a time-consuming, inefficient, and error-prone activity for suppliers and buyers alike. At the same time, the painstaking process of proper signatory management is essential for establishing and maintaining business relationships, not to mention for ensuring compliance.
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The business world has deep roots in technical innovation – a rich tradition that now translates into blockchain adoption and the implementation of smart contracts. From a legal operations perspective, success is supported by adopting legal tech in a company. Corporate legal counsels are able to perform at great speeds. They are able to pay close attention to a great many details.
Nevertheless, companies required a significant change to their legal operations. Or to put it differently – the right cost of legal tech is crucial to improving operations. As legal teams become overwhelmed, stressed and understaffed, automating outdated manual processes for contract drafting and contract management is the first step.
So how do you increase productivity and efficiency for your legal teams via smart contracts?
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Understanding smart legal contracts – a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of any agreement between participants on the blockchain.
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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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