Applying smart contracting

After preparing to organize the corporate legal function: assigning tasks, powers and responsibilities to internal and sometimes also external persons, agreeing the contract portfolio and knowing partners, the ‘business process coordinators‘ in the departments of the company can process smart contracting processes initiate. This means:

  • Starting a smart contracting process;
  • Involve contract types from the company-specific contract portfolio in the process;
  • Involve people (internal persons and external professionals) in the process and reach consensus on the agreements to be made;
  • Invite partners and their business coordinators to the process. These business process coordinators involve people from their own organization in the smart contracting process;
  • Partners negotiate and propose texts and adjustments. All correspondence between the parties forms an integral part of the agreements made and is stored with the contract, also referred to as the ‘pre-contractual phase’;
  • Parties reach consensus and a person authorized to sign digitally signs the contracts;
  • Signed contracts plus underlying documents are certified and recorded by MYOBI in the role of notary.

Users can use smart contracting for all types of contracts.

More information

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