Contracts in the Digital Economy: Smart Contracts

As the digital economy gathers steam the contracting process to is changing. Different scenarios need different templates and clauses and the time to execute reducing. How does one ensure, depending on the data and the scenario, the correct template and the correct clauses are always selected automatically and always the correct clause is pointed wherever there is inter referencing. You might want to have different or additional clauses if the signatory is an expat vs if a is a national or have a different template depending on the type of contract. How do you ensure that the correct document is churned out at the click and the system is able to understand what is needed. If these problems sound familiar to you, welcome to the world of smart contracts.

Smart Contracts, dynamic contracts or data driven contracts

Smart contracts dynamic contracts they are called is a process there are multiple templates are set up with multiple clauses and within the clauses some dynamic data suggest interest rate etc. And the input data suggest the name, nationality, the type of contract, value and hundreds of similar parameters are fed to merge with the correct template and clauses and the final contract generated for execution. Here the system is capable of using pre-defined rules to decide which templates and clauses are applicable for the given data parameters, and uses them to create a contract. Thus, a different data set would produce very different contracts without the person needing to you know what would be applicable. All the person creating the contract has to do, is to do is to input the data, and press the button. That’s it. If you need more automation, the data could come from the source systems such as SFDC or SAP through an integration.

If you are using and advanced smart contracting system like dog tiger then there will be approval workflows for clauses and templates and if required generated document, the process of getting e signatures would be integrated would be integrated so that your documents are generated signed and mailed at the same click. Not only this you could have a mail and the document that is tracked for open and also scored security in a content management system for your future reference many of the manual activity would be eliminated and the productivity e and hands several times

Components of a “Smart” contracting system

Rule engines There would be typically, two rule engines, involved in the process. One for selecting which template is applicable based on the input data, and the other for selecting which clauses and which additional data supplied by the rule engine is to be used for contacting. Usually, two rule engines should be sufficient to manage complex contracts. Doctiger can support multiple layers of rules if needed. These Rule engines are the brain of the contracting process and provide the “dynamic” or the “smartness” that is essential, in the the block chain digital economy, as well as needed to enhance the productivity of the people and reduce the skill required to create Complex contract running into hundreds of pages.

Template Builder and Template Library:
The template builder provides the ability to build templates from scratch or create a reusable template out o21f an existing contract. It must provide various numbering patterns, in a tree structure for or organizing in a contract the paragraph and subparagraph. It must allow to be formatted through Word document is that is the most prevalent form of formatting with which everyone is used to. It must allow corporate branding in terms of logo, cover image image, and also enable ease of handling by generating a QR code on the document. All this should be automatic and seamlessly integrated, as should be the ability to attach images. The Other important thing is the integration of e signature at the template level itself thereby meaning that if any signature is required you should be able to select that in the template so that at the time of the contract generation, this process all automatically kicks in.

Clause builder and clause Library
You need powerful tools to create clauses with their sub clauses that are organised in proper structure. it helps you to Author a contract template, if the clauses and subclauses, that are the building blocks of a template, are authored by the respective teams,have gone through the versioning and approval process, and the latest approved version would automatically be included in the template when the document is published. This helps ensure that the accountability is clearly pointed and work is distributed. The best way to get started with the clause templates is to use and contract and cut clauses from it and convert this into reusable clauses by inserting the data fields which would get replaced when the data is merged. The tool let should have a very powerful and business friendly interface that unable to to convert the clauses from an existing contract into reusable clauses which after the approval process form a sub part of the contract. To highlight the point, imagine the case of multi-lingual contracts, where the key author need not know the other languages in the contract say arabic, Russian or Mandarin and yet be able to effectively author a contract template.

Tracking: As soon as you send the quote you would be curious to and sure that the customer has open the mail and see in the quote. You must ensure that your automatic sales quotation software must have tracking of mails and documents built into it.

Email integration: As email will be the delivery option, your existing email should get integrated into the automatic sales quotation software through open authentication rather than you having to share the password.

E signature: Required in some cases and in case your business requires the Quote to be signed, specially in high value cases, then your solution must be seamlessly integrated with E signatures

Content management system (CMS): It is important to neatly Store all the quotations and make them searchable to powerful search engine. It must have a comprehensive roles and permissions control and your manual documents must seamlessly snug into the ecosystem of document storage.

Having to top end contract management system does not mean large capital expenditure. With Doctiger Smart contracts, you can adopt a pay as you go model and very affordable pricing. With servers in several countries, you can ask for your country should there be a statutory requirement. The platform is pre deployed, free trial available, so you can start buying online and use it without any gestation period.

Our website: Doctiger

About the author : Chetan Agarwal Linkedin , is a technology leader with 30+ years of experience of which more than 15 years has been as a CIO of large global corporations. He is a mentor and CTO for Doctiger.

26 thoughts on “Contracts in the Digital Economy: Smart Contracts

    1. Jorge,
      Thanks for your kind comment . Do let us know if you want do a free trial in which case we can assist you online in Zoom meetings .
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