A commercial contract management that acts as a single source of truth through the immutable and secure nature of blockchain.
Managing contracts for large enterprises is a massive undertaking that requires the constant effort of negotiation, price agreements, reconciliation with vendors and more.
The average Fortune 2000 company has about 20,000 - 40,000 active contracts at any given time
- PWC, 2019
In the U.S, contract disputes represent 64% of cases in state courts
- Gartner, 2019
Companies lose 9.2% of their bottom live through ineffective contract management
- IACCM, 2019
A platform that leverages blockchain to immutably store data, facilitate smart contract based agreement updates & uses multiple tools to makes the process of creating and handling contracts seamless and simplified
The solution facilitates the creation of organizational hierarchies and the ability to set authorization based roles across the organization and external stakeholders involved.
Entities have the ability to create private channels with restrictions to control what stakeholders can access on a priority and security basis.
Entities can define and create basic to complex workflows to support contract management processes and optimize efficiencies to accommodate changing requirements.
Entities will be able to leverage bulk actions on contracts for seamless management experience and minimize reactive and daunting tasks
Collaborate with partners in real-time, track changes, and maintain a complete & immutable audit trail for the contract lifecycle.
Ensure that modifications and approvals to contractual terms are accessible only to authorized participants.
Automate the execution of business rules defined in contracts without the need for human intervention.
Minimize cross-party disputes with transaction analytics and reports based on trusted, tamper-proof data.
Technology & Features
Each participant is issued a node on the network. Governance is managed by transparently auditable smart contracts
Existing systems can be leveraged so that data and processes can be consolidated.
Both cloud or on-premise deployment can be implemented for this solution.
Gather analytics from multiple applications and tools with a holistic overview of all data in a consolidated manner
Maintaining a Trusted and shared Repository of Contractual Records
Improve Value Leakage Reporting
Generating accurate Value Leakage Reports that are not easily contested by the contracting parties.
Eliminate Contractual Disputes
Eliminating litigation costs owing to contractual disputes.