The contract. Something that has been used to memorialize agreements between 2 or more parties since the beginning of time (well maybe not that long). Most people know, whether a lawyer tells them or not, that in order for a contract to have any meaning:
That is an over-simplification that might make a law professor squirm, but you get the drift. Obviously some of this is done digitally now (i.e. without paper and ink). Pretty simple, traditional contract execution and management principles. It looks something like this:
Terms of Use. Terms of Service. Privacy Policies. You see them everywhere, and if you do business online, you probably (or at least you should) use them on your website or mobile app. These agreements are intended to be executed many, many times...sometimes millions of times per day for high volume sites and apps. If an online business wants to be protected, it better HOPE these agreements are being accepted/executed by the users of its site/app. So, how have the basic principles listed above been translated for use with one-to-many digital legal agreements? VERY POORLY!
The result is either unenforceable or difficult to enforce contracts. This mess looks something like this:
This problem is a big reason why built the digital legal engine that is PactSafe. So how does our solution fix that mess above? See for yourself:
From the second a digital legal agreement is drafted, it is run through our digital legal engine, which:
Pretty cool, huh? Seems silly to do it any other way.