Posts Archives - Page 20 of 20

What are the benefits of Smart Legal Contracts for companies?

on December 2, 2020

We have reached the next stage in the expression of commercial arrangements. Blockchains are increasingly being used to foster and execute legal agreements, supporting a new generation of electronic Smart Legal Contracts. Blockchain networks and computer programs called “smart contracts” enable parties to memorialise all or parts of legal agreements. By using this technology, contracting parties gain the ability to create arrangements that are hard to modify, dynamic, and potentially less ambiguous than traditional legal contracts.

Reading time: 3 minutes, Photo by Austin Distel,Tingey Injury Law Firm, Kelly Sikkema on Unsplash

Blockchain and smart contract technologies success relies heavily on lawyers

on November 18, 2020

There is no doubt as to the vast benefits of using blockchain and smart contract technologies as a way to create a fair and transparent approach towards commercial contracting.

Being so nascent, blockchain presents a unique opportunity for lawyers to position themselves as trusted strategic advisors to clients. However, the question regarding the regulatory framework surrounding blockchain technology remains.

It is necessary for lawyers to get on with the times and become familiar with blockchain and smart contracts technologies and especially understand how it is impacting clients and how it may impact the legal profession as a whole.

Reading time: 4 minutes, Photo by Mateus Campos Felipe on Unsplash

To trust or not to trust? Building with Trakti a trustworthy business ecosystem

on November 16, 2020

If you work at a large enterprise, you know business ecosystems can get complex. You also know how much is important to work in a trustworthy business ecosystem.

With liability scattered among multiple parties, the contracts reflecting all those transactions and agreements also grow in complexity. Companies need a trustworthy business ecosystem where they can operate in confidence and manage contracts efficiently.

Smart Contracts operating on the Blockchain provide just that, but how to start using them?

Reading time: 3 minutes, Photo by Alexandra Gorn on Unsplash

Compliant contracts: how to hit the target

on November 4, 2020

Contracts are assets to manage business risk. They are essential for the containment and control of costs, for the prevention of damage and for the actions of counterparties. Contracting and compliance are intertwined facets and require methodical oversight. An effective contract management plan not only enforces compliance and mitigates risk, but also ensures better relationships between contractual parties.

Reading time: 3 minutes , Photo by Alexandre Lion on Unsplash

Smart Contracts and Blockchain – The Future of Contracting

on November 2, 2020

Blockchain and smart contracts: We are on the verge of seeing smart contracts become mainstream with applications in real business environments.
Their simplicity and seamless integration saves time, creating a world of improved economic efficiencies, and reduces legal spend and internal cycle time, while ensuring absolute transparency and control. 

Tempo di lettura: 3 minuti , Photo by Launchpresso on Unsplash

5 best practices for streamlined contract management

on October 20, 2020

We can probably agree that getting a contract written up and signed should be the easy part of a sale. A formality before the final handshake.
But is it? How familiar are you with a streamlined contract management?

The World Commerce & Contracting estimates that poor contract management costs companies an average of 40.5 hours and 9% of their annual revenue. I bet you can come up with a better use for that time and money!

Mismanaged contract workflows result in administrative bottlenecks in your sales pipeline. The extra time spent by sales, legal and operation teams writing and approving contracts adds up to your client acquisition costs. Even worse, it can kill the momentum of a sale.

Moreover, errors increase risks on liability or compliance. Missed savings opportunities and unwanted contract renewals also impact your bottom line.

Reading time: 4 minutes

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