Here’s how smart legal contracts could be created on Law Blocks
a. Users sign-up to the platform
Every user, including lawyers, parties and signing authority register to the platform with their Gmail, Facebook, Twitter, LinkedIn or GitHub account or any government-approved identification documents and other essential information.
Lawyers sign up to the Law Blocks platform with the following information
- ID proof
- Company’s name if works for any legal firm
Similarly, signing authorities register to the blockchain network with details like
- ID proof
- Government-approved license as a signing authority.
After getting approval from the community of admins, an authorized signatory is onboard to the blockchain-based platform.
b. Parties create a digital contract and lawyers validate it
Parties involved in the legal issue draft a digital contract with the specific terms and conditions.
After the terms and conditions of the contract are finalized, lawyers get a notification.
Lawyers then have to validate the legal agreement by ensuring that it adheres to the laws and regulations.
c. Signing authorities sign the legal contract
The contract is sent to the involved parties to seek approval and ask if any change is required. Lawyers send the finalized contract to the signing authority who has the powers to commit the authorized organization to a binding agreement.
d. Contracts are moved to the blockchain
Once the signing authority signs the legal agreement, it is transformed into the smart contracts and deployed on the blockchain.
Smart contracts can automate the legal operations to get rid of the legal issues and the involvement of lawyers.
Unlike the traditional agreements, there will be no more need to maintain a bundle of paper files which are vulnerable to errors due to human intervention.
Smart contracts would trigger the rules to execute the legal agreement after the specified conditions are met.
Simply you can follow these steps to create a legal contract on law blocks :
CREATE
- Choose a customizable template or start composing a unique contract of your own from scratch, apart from yourselves accepting the necessary clauses that facilitates the Blockchain Technology and Dispute Resolution mechanism
COMPOSE
- Insert clauses and send notifications to the other party to agree on individual clauses
DIGITAL SIGNATURE
- Digitally pay and sign with the other party to activate your contract
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