Simple Contract is an advanced solution designed specifically for SMEs to negotiate, conclude - and monitor the performance of contracts. It offers functions specifically to mitigate the risks pertaining to building new business relationships. These include secure payment, checking company data included in the contracts from authentic sources, verifying the signatories’ authority to represent the company before every act of signing, etc.
In order to ensure that companies can conclude contracts by means of Simple Contract on the TrustChain Platform, both parties need to be registered for, and Certified by, TrustChain and establish a business relationship on the Platform.
Simple Contract is a tool which can be used in a flexible way to write agency contracts, business contracts or supply contracts etc. in a digital form, flexibly. The current version enables the users to create bilateral contracts for a fixed term, whereas framework agreements cannot be created.
The Platform tracks relevant events – from the date of concluding the contract to the date of termination – relating to both invoicing and financial settlements associated with the contracts as well as performance of specific terms. Users are informed about such events by the TO DO notes appearing on the Dashboard, and on the Contract Details areas, as well as by means of e-mail notifications sent to the central e-mail address of the Company and the e-mail addresses of the users involved.
Simple Contract was designed for companies who conclude their contracts themselves, based on their own templates (whether or not with legal assistance). Our aim is to digitize existing commonly-used contracts in the simplest way possible, at the same time enabling users to leverage the risk mitigating functions of TrustChain Platform.