Smart Legal Contracts
What are they really and why are they so much better?
Video
Got 9 mins? Watch this video for a quick overview.
Smart Legal Contracts combine the advantages of traditional contracts and blockchain smart contracts while mitigating their disadvantages.
Smart Legal Contracts incorporate legal language and requirements into their code, ensuring that they align with existing laws and regulations. This makes them more reliable and trustworthy than ordinary Smart Contracts, as all parties involved in the agreement can be confident that the terms will be enforced and upheld under the law.
Smart Legal Contracts contain a mix of clauses that can be automated - for example, financial calculations, automated payments, force majeures, etc. - and non-automated clauses - for example, "best effort", "in good faith" etc.
Any and all logic encoded within the Smart Legal Contract must reflect the understanding
Additionally, smart legal contracts can also help to streamline and automate legal processes, reducing the time and cost associated with traditional contract negotiations and dispute resolution.
They also offer a high degree of transparency and security, as all transactions and agreements are recorded and stored immutably on a blockchain network.
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