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 .
      We are keen to partner and let us know if there are any opportunities. Please feel free to reach out at +1 315 636 3128 or let me know a good time to call you

      Regards,
      Chetan.

    1. Thanks for your kind comment, if you are interested you can take a tour of our website and contact us for any further queries.

  1. Hey there! This post couldn’t be written any better! Reading this post reminds me of my old room mate! He always kept talking about this. I will forward this post to him. Fairly certain he will have a good read. Thank you for sharing!

    1. Thank you for your Valuable comment, if you are interested you can take a tour of our website and contact us for any further queries.

    1. Thank you for your Valuable comment, if you are interested you can take a tour of our website and contact us for any further queries.

  2. you are in reality a just right webmaster. The web site loading speed is amazing. It sort of feels that you’re doing any distinctive trick. In addition, The contents are masterpiece. you have done a fantastic activity on this subject!

    1. Thank you for your Valuable comment, if you are interested you can take a tour of our website and contact us for any further queries.

  3. Hey there! I know this is kinda off topic but I’d figured I’d ask. Would you be interested in exchanging links or maybe guest writing a blog article or vice-versa? My website covers a lot of the same subjects as yours and I believe we could greatly benefit from each other. If you are interested feel free to shoot me an e-mail. I look forward to hearing from you! Superb blog by the way!|

  4. I together with my guys happened to be examining the good tips and hints located on your web blog and suddenly I had an awful suspicion I never expressed respect to the blog owner for those strategies. All of the people are already totally stimulated to see them and have now sincerely been tapping into these things. Appreciation for actually being simply helpful and then for making a decision on such really good areas millions of individuals are really eager to be informed on. Our own honest apologies for not expressing gratitude to you sooner.

  5. I have been exploring for a little for any high quality articles or weblog posts on this sort of space . Exploring in Yahoo I eventually stumbled upon this website. Studying this information So i?¦m satisfied to show that I have an incredibly just right uncanny feeling I came upon exactly what I needed. I most surely will make certain to do not fail to remember this site and give it a glance on a continuing basis.

  6. I wanted to write you that tiny remark to be able to thank you so much as before just for the remarkable suggestions you’ve contributed on this website. It has been strangely generous of you to allow extensively precisely what a lot of folks would have offered for sale as an e book in order to make some bucks on their own, and in particular given that you could possibly have done it in case you decided. The techniques in addition served as the great way to comprehend other people online have the identical interest similar to my own to understand much more related to this condition. I’m certain there are thousands of more pleasurable occasions in the future for folks who read carefully your website.

  7. Thank you a lot for providing individuals with such a special chance to read in detail from this website. It can be so good and as well , full of fun for me and my office friends to search your blog particularly three times in one week to read the latest stuff you have got. Not to mention, we’re always impressed with all the impressive things you serve. Selected 4 ideas on this page are absolutely the finest we have all had.

  8. I wanted to write you that tiny remark in order to give many thanks over again for the extraordinary principles you’ve discussed at this time. It’s so tremendously open-handed of people like you to give freely precisely what a few people would’ve distributed for an electronic book to earn some profit for their own end, most importantly considering the fact that you might have tried it if you ever desired. The thoughts as well served as the good way to be sure that some people have similar keenness much like my own to know the truth lots more around this issue. I’m sure there are millions of more pleasurable occasions up front for many who take a look at your blog post.

  9. I as well as my buddies were reading the excellent tips located on your website and then suddenly came up with a horrible suspicion I had not thanked the website owner for those techniques. My boys happened to be for that reason warmed to study all of them and have in truth been tapping into these things. Many thanks for really being considerably helpful and also for choosing such impressive tips most people are really eager to be aware of. My personal honest apologies for not expressing gratitude to earlier.

  10. I happen to be commenting to let you know what a notable experience my cousin’s daughter found going through the blog. She came to understand such a lot of pieces, not to mention what it is like to have an awesome helping nature to make other individuals smoothly thoroughly grasp specified specialized topics. You actually did more than readers’ desires. I appreciate you for producing such invaluable, safe, educational not to mention cool tips about the topic to Kate.

  11. I precisely wished to thank you very much once more. I do not know the things I would have carried out without the entire smart ideas shown by you on such industry. Previously it was an absolute alarming circumstance in my opinion, however , understanding this specialized approach you handled the issue took me to leap for happiness. I’m just thankful for this help and in addition wish you find out what a powerful job you are always doing instructing people all through your webblog. Most probably you’ve never come across all of us.

Leave a Reply

Your email address will not be published. Required fields are marked *