Icertis Internet of Contracts whitepaper

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A wealth of information is locked in contracts and the contracting process, including the history of their negotiation; the legal and business processes that culminated in their drafting and execution; and the contract's interdependencies with the surrounding environment (product manufacturing, future commitments, discounts, penalties, obligations to be fulfilled in the future, the exchange rate, etc.). Contracts also contain numerous components designed to address the various perceived risks in the interaction. Some of this information is encoded in the clauses and the metadata within the clauses – the names of the parties, amounts, conditions, etc. – while other undocumented information is only known by each of the parties to the contract. The information is distributed across a set of contracts that form the collective memory of the organization and its interactions. Going back in history, the set of contracts of one organization is connected to the contracts of others, if not by direct association Contract Management Today Manufacturer Tier 1 suppliers Tier n suppliers Raw materials suppliers A Supply Chain Is Defined By a Network of Contracts Continued on next page Contact us: icertis.com/contact 5

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