Legal Contracts are promises between two or more parties that are legally enforceable. The Legal profession is undergoing a sea-change much like many other industry segments as a result of Smart Contracts and Distributed Ledger technology.
In the past, typically, when contracts and documents are executed, they are not monitored periodically to validate the clauses agreed upon. This lack of monitoring often leads to disputes, unintended renewals of contracts, breach of clauses, the possibility of bias, ambiguity, or error.
And going to court is an expensive endeavor for most.
TruDocs is a web-based real-time parametric smart contract platform. Smart contracts offer significant improvements over traditional contracts in terms of speed, cost of execution, and timeliness. TruDocs leverages the Accord framework – the gold standard in the embodiment of legal contracts in the form of smart contracts.
TruDocs includes a large selection of legal templates each with embedded variables. These variables are used to store details, such as the names of the parties, jurisdiction, effective dates, termination dates, service level agreement parameters, and more.
TruDocs allows one to ingest contracts can be in the form of paper contracts via OCR, electronic contracts from tools such as DocuSign, HelloSign, and more.
The Rules Engine in TruDocs monitors every aspect of a contract in real-time and once certain conditions are met, triggers predetermined actions without manual intervention. As a result, the cost of monitoring, contracts is significantly lower, especially when compared with the cost of legal disputes.