Managing and accounting for contract obligations

The obligations and rights that the parties have agreed in a smart contracting process and are laid down in a contract are fulfilled by the parties, or managed by the parties to ensure that the other party fulfills its obligations.

Contract management sounds obvious, but in practice it appears that contract obligations are only managed to a limited extent. The result is that agreed deliveries and/or payments are not made. Moreover, not carrying out contract management leads to increased liability and cost risks.

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