Contracts.io - Hacking Contracts

Contracts.io

Thursday, 23 August 12

A contracts disruption startup


Concluding just about any kind of transaction requires a contract

A contract is a legally binding agreement

People unfamiliar with the form or complexity of a contract are at a disadvantage when negotiating the terms of a transaction[A transaction could mean a new job, business partnership, even a rental agreement. Or the use of a service such as an air flight or watching a movie or buying a refrigerator. Or it could be something as complex as a merger between two companies]


Contracts lawyers can be expensive

Lawyers are hired to assist clients with preparing, reviewing, negotiating and successfully concluding contracts


Most people who do hire lawyers, do so based on word-of-mouth recommendations or directory listings

As for the quality of the lawyer, your mileage may vary, even from one kind of contract to another


Interestingly, in law schools around the world, law students learn about the ‘law of contracts’ but not how to draft, review or negotiate contracts

When they emerge into the profession, they learn in a haphazard unstructured manner while working on ‘live’ transactions


Business law as a profession encourages competition and discourages sharing

Most law practices work as silos with very little collaboration or shared learning

Contracts are treated the way source code used to be 20 years ago. As confidential and proprietary.


Even lawyers admit, the system is broken


Contracts.io

We’re open sourcing contractsBringing ‘sharing’ to corporate law

Providing tools and data for learningEmpowering people who need to negotiate

contracts


Contracts. cloudified.


Fine-grained. Public Metrics. Friendly Interfaces.


Realtime public clause-level annotations


Search contracts...and even clauses


Shared Activity Streams


The business model?

An open plan for public accounts (all activity is public - annotations, sharing, discussions, collaboration)

Paid plans (USD 25/month - USD 225/month) for closed repository or organizational accounts


Inspired by

Contracts.io

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Technology

Contracts.io - Hacking Contracts