A human being is required to read and interpret it time to time so that the contract can be ‘managed’
Make Your Contracts Smarter
Imagine running a business where although majority of the transactions are online, but you still had to manually calculate the revenue, expenses and profit/loss on a notepad or even an XL spread sheet. Sounds weird? Yes, it does.
But, when it comes to contracts, even though almost majority of contracts these days are managed as electronic copies (in form of PDFs), a human being is required to read and interpret it time to time so that the contract can be ‘managed’.
The current state of contracts:
99% of the work on a contract happens once it is signed. The effort that business professionals put in to create the contract is just 1% of the lifecycle of a typical 12 -month services contract. Even after spending a lot of time and effort during the phase of creating the contract, people tend to forget tracking key parameters of the contract when it is executed. This not only results in fines and penalties at the least to litigation and liquidation of the business itself at the worst side of the spectrum.
How to make contracts smarter?
Everyone agrees that contracts are one of the most important set of documents that a business manages during its life times. But, how do we ensure that the contracts are not dumb pdf documents, but at least send out notifications to the relevant stakeholders if not ‘act’ on the action items that need to be executed to ensure everything is on track.
Legitt Contracts has built a platform that solves the ‘dumb’ contract problem. Legitt Contracts helps you create, manage and track agreements and contracts as programmable smart contracts on blockchain. Key features:
1. Legitt helps you automatically build triggers, notifications and reminders into the contracts so that you do not miss any important milestone
2. These are temper proof contracts that serve as a single-source-of-truth for all the involved parties
3. Legitt Contracts can be programmed to manage themselves to carry out actions based on certain triggers activated by multiple parameters
Thus, Legitt helps you to turn your contracts into intelligent ‘smart’ contracts that manage themselves with no or minimal human involvement and effort.