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Paction

Paction. Creating international sales contracts online. Presentation 26 October 2004. International Conference on the Legal Aspects of an E-Commerce Transaction Den Haag. Agenda. Origins What is Paction? Who is it for? What are the benefits? What security features are there?. Origins.

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Paction

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  1. Paction Creating international sales contracts online

  2. Presentation 26 October 2004 International Conference on the Legal Aspects of an E-Commerce Transaction Den Haag

  3. Agenda • Origins • What is Paction? • Who is it for? • What are the benefits? • What security features are there?

  4. Origins • ICC Model Contracts • helpful tools for traders • user-friendly formats • Web-based version proposed by Prof. Fabio Bortolotti • Developed by Allagraf Ltd in co-operation with the ICC

  5. What is Paction? • An online service • Generates contract drafts • Manages the negotiation workflow • Allows secure signing and storage • First implementation based on ICC model sale contract • Fits with eUCP, SURF etc

  6. Who is it for? • Exporters and importers • Lawyers • Trade finance institutions • Documentary departments of carriers and forwarders

  7. Legal benefits • The security of ICC approved and designed contracts • universal contract acceptance • low risk contractual environment • no “battle-of-forms” • can use digital signature • Conventional paper print-out possible • Convenience of making standard terms available to trading partners

  8. Explicit contracting • Each action is clearly marked (offer, counter-offer, acceptance etc) • Each action is clearly explained • Relevant events are notified by e-mail to the parties

  9. The process Originator Offeree Start 5 Edit Create/edit 1 Review 4 N Review 2 OK? Y N N Edited? OK? Acceptance 7 Y Y 3 Offer 6 Counteroffer Contract

  10. What security features? • All communications encrypted by SSL • Identification of trading partner by digital certificate or by off-line password • Offer and acceptance signed digitally, or by recorded entry • Payments (for service) handled by separate agency

  11. Future developments • Other contracts • Links to more services • Communications • Ancillary services • Digital infrastructure • Channel sales

  12. Thank you for your interest!http://paction.modelcontracts.com

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