eContractPlatform
Disruptive Legal Tech Platform
Create, Manage and Automize
Contract Management Platform
The Problem
- Inefficiency and wasted time during the contract drafting and negotiation phase, especially when multiple parties are involved.
- Contracts and documents often contain sensitive information that needs to be protected against unauthorized access and breaches.
- Manual contract management involves significant administrative overhead and costs.
- Extracting important information from the agreements and documents is difficult and costly, requiring human effort.
- The parties often do not trust the execution of the obligations of the other parties.
- Contracts and documents are often stored in different locations, making them difficult to access and manage efficiently and easy to forget.
- Managing more agreements is difficult and costly, requiring the use of multiple platforms.
- Without a proper solution, tracking contract statuses, key dates such as renewal or expiration, compliance and obligations requires effort and investment.
- In the Agreement workflow, the finalization and approval process can be long and slow requiring the use of multiple services and platforms in order to complete them.
- Contracts are often non-compliant with recent laws and regulations.
- For enterprises and individuals who manage multiple agreements, it’s common to miss contract renewal dates or failing to renegotiate terms before expiration, resulting in financial losses or unfavourable terms.
THE PROBLEM
Current enterprise legal practices
are inefficient and costly
The average Fortune 2,000 company has about 20,000-40,000 active contracts at any given time
yet companies lose 9,2% of their bottom line through ineffective contract management
The Solution
- eContractPlatform works as centralized repository, allowing users for easy access, search, and retrieval of contracts; everything in a single and unique platform.
- The platform manages multiple agreements in one-stop solution.
- The platform can offer dashboards and alerts to monitor contract status, timelines, milestones, compliance requirements and obligations.
- The Contract Management platform can automate and digitalize the finalization process of agreements, reducing human error, time-wasting and ensuring version control.
- Workflow automation within the platform can shorten and simplify the approval process, providing clear indications and notification for each stage.
- The Platform can automatically track changes, provide audit logs and ensure compliance with recent regulations and regulatory requirements.
- Automated reminders and alerts for upcoming renewals and expirations ensure timely actions and help enterprises and individuals identify agreement risks, deadlines and due payments.
- The Platform allows real-time collaboration, version control, communication among stakeholders and efficiency in every phase of the negotiation and contract drafting.
- The Platform can offer robust security features such as encryption, access controls and secure user authentication.
- Automation and streamlined processes within the platform can reduce administrative burdens and associated costs of the manual management of contracts and documents, significantly improving efficiency, accuracy and control over the contract lifecycle, benefiting both individual users and corporates.
- Advanced analytics and customizable reporting features can help users extract valuable insight and important information in their contract data.
- Contract automation, Smart Contract and Blockchain can help strengthen confidence between parties, ensuring respect the obligations and pacts in the agreement.
- eContractPlatform works as centralized repository, allowing users for easy access, search, and retrieval of contracts; everything in a single and unique platform.
- The platform manages multiple agreements in one-stop solution.
- The platform can offer dashboards and alerts to monitor contract status, timelines, milestones, compliance requirements and obligations.
- The Contract Management platform can automate and digitalize the finalization process of agreements, reducing human error, time-wasting and ensuring version control.
- Workflow automation within the platform can shorten and simplify the approval process, providing clear indications and notification for each stage.
- The Platform can automatically track changes, provide audit logs and ensure compliance with recent regulations and regulatory requirements.
eContractPlatform Functions Overview
eContractPlatform
Disruptive Turnkey Solutions for Streamlining Routine
Legal Work and Beyond
- Contract Drafting: Find your Contract Template, Fill and Sign your Agreement with eContractPlatform.
- Find Your Consultant. Find Your Consultant and receive instantaneous support tailored for whatever you need.
- Legal Cloud Agreement
Manage the Agreements Lifecycle: The Platform Manages the contracts lifecycle to help enterprises and individuals to identify agreement risks, deadlines, and due payments. The Legal Cloud Agreement works as an obligation tracker, introducing the new concept of a Cloud Agreement.
- Smart Contract Conversion: Utilizing Finite State Machine representations, Blockchain and Machine Learning, eContractPlatform can convert traditional agreements into Smart Contract, enabling automated execution when certain conditions are verified and fulfilled by the involved parties.
- Jurimetrics analysis application: Comparation of agreements and documents with most recent regulations and regulatory compliance control.
eContractPlatform WorldWide
- Better Consistency – Staying on top: Contractual deadlines, contract renewals, reporting requirements and obligations are managed by the platform, with reminders when human actions are needed.
- Reduced Workload – Contract Administration Services, focus on completing agreements and reducing paperwork volume. The Contract Drafting can be done simultaneously with the other parties. Avoid tedious and time intensive workloads using the automated tracking features offered by our Platform.
- Ease of Use – Easing the burdens Our Contract Management services simplify the process of drafting, negotiating contract terms and identifying provisions that may expose to risks or uncompliant conditions.
- Optimal Results - Significant resource savings: Automated extraction of key deadlines and important terms can help enterprises and users to reduce inefficiency and losses.
- Scalable business model with innovative and new functions, it’s a disruptive and scalable platform.
- Blockchain, AI and Machine Learning applied to manage agreements and report the related risks rising from the contract.
- eContractPlatform - One Stop Platform for Business and Legal needs – Powered by ELEGALSOLUTION - ELS™ Innovative Startup
THE MARKET
Large addressable market
opportunity
SOM
Market based in number of enterprises from the italian perspective
SAM
Our serviceable addressable market based on the number of enterprises from European and international perspective
TAM
The global alternative legal services provider market
WHY NOW
Fast-growing market
with strong growth outlook
Global alternative legal service providers (ALSP) market continues exponentially ro growth, driven by:
- Organisation seeking to reduce costs and improve operational efficency.
- Rising demand for self-service functions.
- Prevalence of dissatisfaction with law firms.
- Intensifying focus on technology adoption.
- Rising investment injection in the market.
The Legal Tech Platform
Services Offered
- Draft contracts through pre-set forms and contracts template available on our platform.
- Contracts can be digitally signed so approved by the parties; once the users select a template of the agreement, eContractPlatform grants rapid and safe communication in order to perform it and negotiate the agreement between the parties.
- During the drafting process, users can search for a professional consultant to obtain support from an expert.
The Platform allows users to find a Professional Support and communicate with consultants and receive instantaneous professional support tailored to their needs and requirements. - Agreements can be filled, negotiated and concluded in simultaneously with the other parties.
Global Consultancy – Find Your Consultant
The Platform allows users to find and communicate with Professional Consultants and receive instantaneous support tailored for whatever they need.
Blockchain technology will embed the advice, making it secure and legal.
Legal Cloud Agreement – Manage the Agreement Lifecycle
The Platform manages the contract lifecycle helping enterprises and users to identify risks, deadlines and due payments.
The Cloud Agreement functions as an obligation tracker, introducing the new concept of a Cloud Agreement.
The platform aims to exploit the full potential of Artificial Intelligence and Deontic Logic in order to support the users in the negotiation, drafting, signature, execution, monitoring, enforcement, possible modification and dispute settlement, managing the entire lifecycle of the agreements. A customisable notification system is included within the platform, in order to alert users of any pending or incoming relevant events regarding subscribed contract.
These events are sorted into a digital calendar when a contract is being drafted, it enables the platform to schedule the corresponding notification.
ELEGALSOLUTION™ offers to its users a platform to fully manage their contracts, via desktop or mobile, and supports them throughout the negotiation process with the other parties involved.
Furthermore, it was built aiming to maximise its convenience of use, maintenance, and expansion of certification features.
Being able to customise document information according to the contract model is a vital aspect of Blockchain certification; this is taken into account through the dynamic granularity control system of certifiable data.
Smart Contract Conversion – Automize the agreement execution
Utilizing finite State Machine representations, Blockchain and Machine Learning, eContractPlatform can convert traditional agreements into smart contract, enabling automated execution when certain conditions are verified and fulfilled by the involved parties.
eContractPlatform utilises a bottom-up framework based on a system of Smart Contracts executed on the Blockchain, guaranteeing their realisation by a shared, reliable, and invariable machine.
- Contracts not eligible for automation
- Contracts eligible for Smart Contract automation, without Oracles
- Contracts eligible for Smart Contract automation, with Oracles
Oracles represent systems able to provide information requested by Smart Contracts and they are located outside the Blockchain.
A top-down approach would be considered more natural for this sort of problem, with the transition from natural language to Smart Contract digital code consisting of two stages:
- Conversion from natural to digital language – this first passage is handled by a complex templating system based on finite-state machines, which guide the application logic when choosing a contract type and through the drafting stage. This process returns a pseudocode which is the input for the following passage.
- The second phase converts the pseudocode into a programming language which is able to be interpreted by the virtual machine, thus making the code executable.
For these reasons, eContractPlatform chose to take advantage of a bottom-up approach in the execution of contracts. The finite-state machine is kept as the starting point, synthesizing the logic of a contract from its natural language; this is translated into a Smart Contract to make it readable by eContractPlatform system, which in turn generates a template giving users the possibility to fill in their information through an intuitive graphic interface.
The contract is finally shown again in natural, understandable language with the added benefit of digital instruments supporting its drafting.
On eContractPlatform it will be possible for users to request the renegotiation of terms of contract on the base of mutual consensus.
These Smart Contracts are by definition challenging to modify, given that one of their qualities is them being invariable.
Nevertheless, a certain degree of flexibility being required when dealing with contracts, the update and renegotiation of their terms will be possible through eContractPlatform Technology.
eContractPlatform is the First Platform capable of converting traditional agreements into Smart Contracts that can automate the execution of the conditions established and agreed upon by the parties involved.
We’re leveraging the power of Blockchain and Machine learning technologies, to enhance the management and automation of agreements and documents.
eContractPlatform supports its users to check in real time that the dispositions do not contradict each other in order to prevent legal inconsistencies, non-compliance dispositions and to improve the safety and convenience of drafted contracts.
The Contracts, after having been appropriately customised through the templates provided during the drafting stage, they will be converted into mathematical language according to symbols and syntax belonging to deontic logic, thus becoming comparable to other instances thanks to the unique resolution of logic formulae, making any inconsistencies easily identifiable.
Through this, the system can send alerts to the user, highlighting the origin of the contradiction and the existing rule which is at risk of being breached if the conflicting contract is signed.
The Platform utilising AI, Machine Learning and Deontic Logic can compare the agreements with recent regulation and offers a compliance check.
It offers the:
- Identification of redundant clauses
- Identification of impossible subclauses
- Identification of superfluous clauses
The integration of this approach to the software in use on eContractPlatform is worth looking into; the logic engine based off this could then be the base to enhance the analysis in order to provide a more precise and punctual support to users.
Investment Summary
Contract Management Platform
- An exceptional opportunity to tap into a high-potential and high-growth Legal Tech Platform with a technological advantage that position the platform for future and possible leadership.
- Unparalleled, user-friendly tech solution focused specifically on the needs of the end user, with simplicity, convenience, and multifunctionality as core value points.
- Foreseeing exceptional revenue growth and a significant expansion in reaching customers and enterprises.
- Scalable business model with innovative and new functions, ready to scale and implement.
- Strong Industry Positioning since it’s the one-stop Platform for business and legal needs.
- No competitors do what eContractPlatform does, positioning us in the Blue Ocean Market.
- eContractPlatform is the First Platform capable of converting traditional agreements into Smart Contract that can automate the execution of the conditions established and agreed upon by the parties involved.
eContractPlatform Story – Who we are
ELEGALSOLUTION™ Innovative Startup was founded on the 5 of May 2020 by Alessandro Meo who is the CEO and Idea maker, when he was still student of Law at University of Campania.
ELEGALSOLUTION – ELS™ is an Innovative Startup registered from May 2020 in the Italian Special Register for Innovative Startup and it is born as a Platform which aims to create, manage and automize the agreements with the application of Blockchain and Smart Contract.
The Startup and the Platform were conceived before the actual AI systems like ChatGPT and they mark an end of an era and the start of another era
After completing the Master’s Degree in Law, discussing the Thesis on Blockchain and Smart Contract, Alessandro earned a Global Master in International Management.
