Online Smart Contracting: Background, Problems & the IOUX Solution
Clearly worded, validated and unambiguous contracts reduce the chances of disputes between individuals/organisations (parties) and also assists proper jurisdiction wherever required. However, most developing countries lack efficient mechanism for a timely execution and documentation i.e. legal compliance of a contract between parties which is an essential prerequisite for success and growth in any economy. One of the main reasons behind this failure is absence of or improper contracts between the parties to formalise their agreements.
IOUX Approach towards Online Documents & Digital Contracting
IOUX overcomes these limitations by helping users generate smart contracts, from vetted Samples/Draft Agreement or documents, efficiently execute and manage these contracts synchronised in real time. IOUX enables also its users involved in a contract to add/delete expected actions/milestones in those contracts and also, to automatically obligate users to perform the respective functions and duties by periodically sending reminders. IOUX also empowers its users to incorporate negotiable instruments (like promissory notes, and bills of exchange) in contracts. That's how IOUX provides a secured and efficient mechanism for generating and executing a smart contract between two users.