trakti, Author at Trakti

Managing the uncertainty in contracts with a shared approach

Managing uncertainty in contracts with a shared approach

on May 17, 2022

Most of our actions and decisions involve others, inside and outside any organisation. The best solutions come from working together and the pandemic caused many people to appreciate the extent of our interdependency. Establishing a win-win collaboration framework would increase communication and clarity within a network and with suppliers.

Developing a solution together, based on shared input and mutual respect, generates a collaborative environment that simplifies coordinating and reconciling multiple opinions. Different groups and functions typically reflect different interests, and rarely organisations speak with one voice.

Schrems II: The right tools to respond

on May 5, 2022

As we all know, Schrems II decision has forced businesses to revisit the way they approach international data transfer.

The European Court of Justice declared the EU-US Privacy Shield – an international agreement between the EU and the US with requirements to ensure an adequate level of protection of personal data exported to the US- invalid. According to the Court, US laws had several shortcomings that impede the protection of personal data and violates the GDPR. The judgment did uphold the use of Standard Contractual Clauses (SCCs), however, it cast some doubt over this method of transferring personal data outside the EU.

Designing for contract automation – simplification and relational contract

on April 13, 2022

The reasons for automating contractual processes or workflows are many but even more numerous are the reasons for implementing simplified and relational contracts.

Simplification and relational contract allows new relational models and more effective and efficient performance require the adoption of innovative technologies. In an era where businesses increasingly have to depend on their suppliers to lower costs, improve quality, be compliant, respond quickly to changes, traditional contracts don’t work.

Drawing up agreements in preparation for smart contracts

How to design your templates for smart contract adoption

on March 9, 2022

Legal drafting is changing. And legal design for smart contract is part of the equation.

Smart contracts and legal design have marked the transition to an approach that conceives the contract not more as a means of defense but as a functional one, as a means for achieving the purpose; in short, a result-based approach. So how we can use legal design principles to organize our templates for smart legal contract adoption. Let’s have a look!

Reading time: 4 minutes.

Trakti A Beginner's Guide on How Smart Contracts Work

A Beginner’s Guide on How Smart Legal Contracts Work

on February 4, 2022

Smart contacts are a great way of helping you exchange property, money, and shares without the fees, hassle, and services that come along with them. For example, when you go up to a vending machine, all you need to do is drop the money in and the snack or drink comes out. Same with the smart contracts.

A smart contract works the same way – all your need is to have the required token into the wallet and whatever you have paid for automatically gets deposited into the recipient account, making it so much easier and more efficient than a traditional contract.

How to manage cost of compliance in 2021

How to restrain cost of compliance in 2022

on January 17, 2022

When two years ago Thomson Reuters Regulatory Intelligence asked financial-services firms which was the greatest compliance challenge they expected to face in 2020, most of them answered “keeping up with regulatory change”.

Compliance became a thing soon after the 2008 financial crisis, and regulations have been changed many times since then. Thus, companies have been struggling to allocate the budget appropriately to face the increasing cost of compliance.

What is the next step?

Reading time: 4 minutes.

How to accelerate Contract Legal Approval workflow with Trakti

on December 20, 2021

Managing and overseeing contract execution can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organisations money and time. It can also lead to costly and potentially disastrous instances of contract management.

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