Organize your legal operations contract management contract library accountability with smart contracting?
More certainty about the reliability of company and personal data gives the company the opportunity to organize business activities more effectively. The smart contracting application is aimed at organizing your legal operations more effectively.
Organize your legal operations more effectively with smart contracting
Every company needs a well-designed and functioning legal operation to effectively organize business activities (e.g. sales, human resources, procurement, and corporate governance).
With a trust network (reliable business and personal data of the company and its partners), knowledge and change management (well-trained employees) and the application of smart contracting (supporting the contract life cycle: preparation – contracting – contract management), a company organizes a good functioning legal operation. The application is a building block for effectively organizing your legal operations.
What are the preparations?
Professionals maintain contract portfolios with contract and script types daily to comply with legal frameworks. A contract portfolio is focused on a business activity (sales, personnel management and purchasing) and grouped by business sector. The Contract Board supervises the contract portfolios. If desired, and based on the business activities and management policy, professionals make the contract portfolios company-specific and take care of maintenance. Result: the company complies with legal frameworks, and the protected company-specific portfolios reflect the company objectives.
Using the information ecosystem on the Trust Network, the reputation manager of the company manages the company and personal data and agrees on access to the data with (potential) partners. Result: confidential, reliable and available company and personal data with which business activities can be organised effectively.
How to make good agreements?
Agreements may be laid down in contracts but may also concern consents, confirmations or justifications. Process steps lead to agreements. Of course, making these arrangements must take place safely and in a controlled manner. Smart contracting facilitates the process and the (intended) outcomes. Result: a predictable process from which intended agreements follow.
Smart contracting uses portfolios of contract and playbook types and models. It also irrefutably captures the pre-contractual stage, includes electronic signing on the Trust Network and certifies and deposits results. Result: parties are provided with a documented file showing the intention of the agreements made and the contracts themselves of the parties.
Confidential, reliable and available data from partners and their representatives is essential for effectively organising contract management. Result: parties receive comfort when doing business. By working out the company-specific contract and scenario items per business activity, an overview and insight are created into the contractual rights and obligations of the company and the implementation thereof. Result: insight into the fulfilment of the obligations by partners and insight into the costs of the corporate legal function.
A corporate legal function suitable for business operations preconditions for practical business activities. Result: lower liability and cost risks and lower operational costs.
License fees for smart contracting
The smart contracting application uses the trust network. A user of the trust network purchases the smart contracting application against a revenue-dependent license. In addition to the annual license, MYOBI charges a license per concluded and deposited contract.
Do you need more information, consultation or otherwise? Please feel free to contact sales or visit our service desk website.
Frequently Asked Questions
Every business needs a well-designed corporate legal function to effectively organise business activities (e.g. sales, human resources, procurement, and corporate governance). The liability and cost risks of making and complying with agreements should be manageable, and the operational costs for meeting obligations are low.
Smart contracting is a building block for effectively organising the corporate legal function. Other building blocks are the Trust Network and Trust Services.
Professionals from Duthler Associates and First Lawyers manage the smart contracting application and staff the Contract Board. The Contract Board develops and manages, among other things, contract portfolios with contract types and scenarios and monitors their quality. Duthler Associates and First Lawyers continue to build the smart contracting building block.
A company consists of a collection of business activities (sales, personnel management, and purchasing), which are effectively organised with business processes. The business processes aim to make agreements with partners (e.g., customers, employees and suppliers). We call the organisation and management of these business processes the corporate legal operations.
Smart contracting supports the corporate legal operations with the adequate preparation and conclusion of agreements, partner management and contract management. With the help of knowledge and change management, the necessary knowledge is created among employees. If desired and on-demand, a company can involve professionals in organising and managing the corporate legal function.
Experience shows that almost any organisation can put together an attractive business case for organising the corporate legal function. See an example of a business case corporate legal function.
A (potential) partner of yours has asked MYOBI to invite and register you on the Trust Network (see example email 'request MYOBI to invite you to the MYOBI Trust Network'). Your partner needs to:
- Authenticate the identity of your company and the legal representative(s).
- Share company and personal data under supervision and controlled manner – between the parties.
- Prepare for the conclusion of contracts and follow up with contract management.
Registering a company takes little time and is free of charge. MYOBI supports the process of registration with a business and operational knowledge base and a proactive service desk.
The Trust Network and Trust Services are the foundation for smart contracting and other applications. With the Trust Services, it is possible to:
- Know the identity of the users.
- Sign with an electronic signature on the Trust Network.
- Visibly comply with accountability for organising compliance with legal and contractual obligations, particularly the TTP policy.
A company-specific trust network or information ecosystem is created by making agreements with partners – who are also users of the Trust Network. The trusted partners in a user's information ecosystem are trusted because there is always the self-declaration of the partner's leadership confirming it. A well-functioning information ecosystem is a precondition for an effectively organised corporate legal function and ultimately effectively organised business activities.
A contract portfolio consists of contract and playbook items custom-made by a professional on request. A business coordinator uses the contract and playbook items in business processes. Smart contracting does not impose any restrictions on the smart contracting process. Smart contracting requires at least a Company Coordinator and a Signatory from the company and its partner. This minimum occupancy increases if parties want to make agreements about strategically essential products and services. For example, there may be a quotation and selection process from a supplier, or the services to be provided must match customers' specific needs. Entering an employment contract requires extra attention because the legal positions between employee and employer differ significantly, and the financial consequences can be significant if an employment contract goes wrong. In short, a business coordinator will use a playbook and adapt it if necessary for different scenarios.
MYOBI Service Desk supports the employees of business users of the Trust Network and the employees of their partners. The service desk maintains the business and operational knowledge bases, provides training in the business-specific learning environment and manages a forum with questions and answers. The service desk can be reached via MYOBI's messaging system and e-mail.
MYOBI Service Desk facilitates the registration process. During the registration process of new companies and legal representatives, the service desk authenticates the identities. There are two options to start the registration process:
- A contact person asks MYOBI ServiceDesk to register the company and its legal representative on the Trust Network.
- A user of the Trust Network asks MYOBI Service Desk to register another company and its legal representative (usually a partner) on the Trust Network.
Consciously or unconsciously, a company could not capitalise on the added value of the Trust Network and smart contracting. If desired, this company can fall back on the professionals of Duthler Associates and First Lawyers. The information ecosystem is equipped with a button "add legal support" or "contact the service desk".
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