Primechain-CONTRACT is a private permissioned blockchain-powered solution for contract management - secure storage, digital signatures, tracking, searching, and reporting.
Primechain-CONTRACT is ideal for most industry sectors - Banking, Energy, Financial Services, Insurance, Information Technology, Manufacturing, Entertainment, Healthcare, Media, Telecommunications, Trading, Transport, and Travel & Tourism.
Primechain-CONTRACT is available in 2 variants - cloud hosted and on-premise. In both options you have 100% control over all your data. Both options include:
- 24x7 support
- Service level agreement (SLA)
- Source code access with a license to modify
1. The importance of contracts
Companies enter into thousands of contracts with their vendors, partners, customers and employees. Contracts can have huge legal and financial implications and hence it is essential for all companies to have a robust paper-less contract management system.
Common contracts include Non-Disclosure Agreements (NDA), Employment Agreements, Joint Venture Agreement, Leases, Non-compete Agreements, Licensing Contracts, Bills of Sale, Promissory notes and many more.
2. Pain points
- Paper-based contracts suffer from several inherent problems including the need for physical storage space, high costs & inconvenience of transportation.
- Paper-based contracts are prone to damage due to heat, dust, water and other factors.
- Authentication and verification of the contents of paper-based contracts is very challenging – signatures can be forged, unauthorised pages can be inserted into large signed documents, hand-written documents may contain illegible handwriting etc.
- Sending documents physically for signatures by different counter-parties involves cost & time.
- Conventional digital signatures require additional tools, and require purchase of digital signature certificates.
- Revoking a conventional digital signature certificate invalidates all previously signed documents.
3. Key features of Primechain-CONTRACT include:
- Contracts are stored in your very own private permissioned blockchain.
- Data privacy confidentiality, provable immutability and data integrity.
- Flexible deployment - on-premise as well as cloud based.
- Multiple people can digitally sign a contract.
- All file-types are supported and can be digitally signed.
- Two-factor authentication to ensure verification of the identity of signers.
- Automated alerts & notifications – by email and SMS.
- Rich meta-data enables quick search and retrieval.
- Unlimited user types with relevant roles.
- Quickly generate contracts from ready to use templates.
4. Key benefits of Primechain-CONTRACT include:
- Allow key personnel to access contracts anywhere, anytime using mobile devices.
- Quickly automate your Vendor on-boarding process.
- Ensure the protection of sensitive personal data and information.
- Quickly disseminate updated policies and procedures.
- Review and approve contracts faster.
- Reduce regulatory risk.
- Enable senior management to take better decisions.
- Access the information you need, in seconds!
- Improve efficiency in sharing and collaboration.
- Vastly improve speed and efficiency of the contracting process.
- Improve the eDiscovery process.
- Ensure that everyone has the "right" version of each document.
- Improve and secure the sharing and collaboration process.
5. Planned milestones:
- e-Notarization of documents.
- Automated alerts & notifications for important events and deadlines in the contract lifecycle.
- Linking multiple contracts to create master-contracts.
- Creation of automated processes for signing of standard documents by thousands of users.
- Hindi, Spanish, Mandarin and Arabic versions.
Roles assigned to users can easily be edited
The technical architecture
Contracts created by you
Contracts pending your signature
Details of digital signature
Getting a signing code
Sign a contract