Monitoring the process of contracting and performance.
Simple Contract is a complex solution designed specifically for SMEs to negotiate and conclude contracts and monitor the performance of contracts, offering functions specifically to mitigate the risks occurring in the course of building new business relationships (e.g. secure payment, company data included in the contracts from authentic sources, the signatories’ authority to represent the company is verified before every act of signing, etc.).
In order to ensure that companies can conclude contracts by means of Simple Contract on the Platform both parties need to be registered for and authenticated by TrustChain and establish a business relationship.
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, in any subjects. For the moment, this functionality enables the users to create bilateral contracts for a fixed term, whereas framework agreements cannot be created.
The Platform keeps track of the relevant events – taking place between the date of concluding the contract and the date of termination – relating to both the financial settlements and invoicing associated with the contracts and performing the subject of the contracts.
The users are informed about such events by the “TO DO” notes appearing on the “Dashboard”, and on the “Contract details” surfaces, as well as by the 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 involving legal assistance or not).
Our aim is to digitize the already existing and common contracts in the simplest way possible, while enabling the users to make use of the risk mitigating functions of TrustChain Platform.
The full functionality of the Platform is available to authenticated companies, i.e. only they appear in the Search for Partners function and only they can use SimpleContract. The authentication process can be performed only by the CEO with the right to independent representation, registered in the national company register. The authentication process is available to Hungarian and Czech companies at the moment.
Risk mitigating functions of TrustChain
Verifying company data; checking whether there are any legal processes going on, which may make it risky to enter into contract with the given company (e.g. liquidation, bankruptcy, etc.); verifying the right to representation; making use of the advantages relating to e-money payment solutions; optionally including Trustchain Systems Ltd. in the financial settlements as payment assistant (secure payment).