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A Peek into the Future of Commercial Transactions: Smart Contracts, Relational Contracting and the IACCM Principles

Published: 13 Sep 2019 Average Rating: unrated Print
 

Author: Lita Bollimpalli, Jerome S Silber

At the 2018 IACCM Americas conference, sourcing and legal department representatives from some of the top companies in the world met to learn about the future of contracting. The hot topics were smart contracts, relational contracting and the newly launched IACCM Principles. Each of these initiatives is being pursued in one form or another by many legal departments, but almost always as separate and distinct efforts. By combining the three initiatives, Legal can elevate its stature within the business by reducing costs and optimizing the value of its services. In a world where agility is valued and delay is not an option, every general counsel is looking to streamline contracting processes and to help clients more quickly recognize revenue. This is where the combined initiatives really show their value.

 

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