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I have just spent two hours reading about trust and governance, the need for agile projects, the importance of collaboration. I've also been answering questions on how parties can best maintain alignment over a multi-year agreement and the role of optimism in ensuring success.
Smart contracts are defined as programming code that can verify, execute and enforce a set of instructions. This code relies on a predetermined set of input triggers. When the input triggers are met, then the transaction of the smart contract is fully executed (Nissen, Haller Grønbæk, 2017). Smart contracts and blockchain technology are both immutable and decentralized. All users of the blockchain validate the outcome of the smart contract.
What is a Computable Contract? In brief, a computable contract is a contract that a computer can 'understand.' In some instances, a computer can automatically assess whether the terms of a computable contract have been met.
Contracts form the foundation of all business relationships. In fact, 60-80% of business transactions are governed by written contractual agreements and a typical Fortune 1000 company maintains 20,000-40,000 active contracts at any given point of time. Despite the large scale and criticality of contracts, once signed, they are often stored away in file cabinets and storage systems. With no concrete way to look them up or monitor their performance, they become dormant and remote history. This could have significant implications for companies including financial and reputational losses due to non-compliance, substandard delivery, auto-renewals, missed payments, penalties etc.
This Ask The Expert will help you get started with the progression from contract drafting to contract design. You want to make your contracts more usable and useful for the people in charge of implementing them.
Templates are good to have however, there is no "One Size Fits All" approach every template requires some amount of tailoring as every deal is different. Having said that templates definitely save lot of time and energy which otherwise would have been spent in typing and proof reading. The bottom line is that organizations must have templates but they cannot be considered as panacea to all the legal drafting problems.
I am starting this discussion for community awareness and brainstorming, the possible use cases of Smart Contract in our Contract Management world. I will post use cases that I believe will take benefit of the blockchain technology. I will also share use cases that are currently in deployment, although on a small scale, since this technology itself is in its nascent stage. For those who are not familiar with what Smart Contracts are, please search this or other forums first, before posting any questions here.
Hello - We have a very large contingent work force and are continually renewing short term rate cards due to the dynamics of business needs. I am sure you can imagine that this take a lot of legwork with regard to processing renewals and keeping up with Master Agency Agreements on a regular basis. I also work closely with the Accounts Payable group and what we also find a challenge is the back end processing to get those vendors/agencies paid. We currently use purchase orders (really contract numbers from our CLM system) but these tend to be time consuming as well, I just wanted to see what everyone else was doing out there?
I recently had a vendor say they could not sign and NDA but was authorized to sign a CA. In my experience this title is used loosely. I understand an NDA is usually used more for specialized business opportunities, but we have sign CA's in this instance also. To me it is more of the body of the agreement versus the title. This has me wondering what is truly the difference and when to use one versus the other?
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