Unlocking the Future of Smart Legal Contracts: Hunit Joins the Prestigious Lawtech Bridge Programme
We're pleased to announce that Hunit has been accepted into the LawtechUK Bridge programme. This isn't just another milestone; it's a...
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Contracts that work for you
Businesses accomplish more when business automation is embedded directly into their legal contracts
A turnkey platform for legal contracts that fulfill their own terms
Enterprises and law firms need usable technology, not an IT project. Hunit's platform includes all the elements you need to use Contract-Embedded Automation to create Smart Legal Contracts (SLCs), onboard counter-parties, record your SLCs on a fully compliant distributed network, and capture new business value
End to end workflow
Integrated
Data Management
Embed business automation into existing Word documents
Structure human input like interpreting subjective clauses or approving key steps
Incorporate live external data like key interest rates, IOT devices, or asset registries
Embed payment facilities to handle settlement between parties
Create self-managing compliance by defining the behaviour of digital assets (equity, debt, title, intellectual property)
Hunit's platform is in beta operation with selected partners
Full availability in January 2024
Use Cases
Use cases for contracts with embedded automation
Business loan administration
Commercial loans, asset-based lending, receivables lending, and trade finance solutions all share common pain points. Drawdowns occur only after the completion of complex conditions precedent, post-drawdown reporting is critical to success, monitoring of international money laundering and sanctions lists creates risk, underlying collateral needs management, and large borrowers often demand one-off customised terms that are difficult to fit into management routines.
M&A closings and asset sales
The number one most used platform for managing the steps and documents in a complex deal closing is the email inbox. Which version of a document is current, which steps have been signed off, and who signed off based on which documentation is a process full of manual administration and fraught with opportunities for error. This prolongs deal closing, introduces risk, and impedes smooth execution. Lawyers, finance and compliance teams spend hours on these steps.
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Green energy sale and certification
The energy market is becoming significantly more complex. Liquidity solutions based on short settlement times are increasingly required to participate and physical delivery of energy is only part of this new market. The data about where, how and when energy was generated has gained paramount importance. Right now, these guarantees of origin are delivered over email as PDFs and the market lacks tools to match real time power consumption to generation by renewable sources.
What's better about Smart Legal Contracts
Benefits
Smart Legal Contracts with contract-embedded automation transform your business’s accuracy, efficiency, and value capture
Eliminate busy work
Use ‘people time’ efficiently - automated tasks complete on their own or make it easy for people to provide their input
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Reduce risk
Prevent the errors or breaches that create risk in a deal or contract
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Hassle-free customisation
1 copy or 10,000 - SLCs are equally efficient. Agree to one-off terms without the hassle
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Keep your hands on the controls
Use automation but retain control - pause or intervene in processes as needed, ensuring ultimate flexibility and oversight
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Follow through accurately
Automated tasks make sure that the agreement is fulfilled to the letter
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Enable total
awareness
Up to the minute records tell you where an agreement is in its lifecycle and instantaneously alert breaches
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Data security
Choose where your SLC’s encrypted data vault is physically stored (GDPR)
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Integrate your data
SLC makes records of every action and document related to a contract – stop having to look through different email inboxes or data platforms
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Gain new insights
Improve your business intelligence by dashboarding and analysing portfolios of agreements
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Legal certainty
Onboard, blockchain-verified data storage assures total certainty over record keeping accuracy
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Make accurate & secure payments
SLCs receive, process and forward payments according to the agreement’s terms
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Improve counter-party performance
Contracts are a two-way street – automated tasks and prompts improve your counter-party’s performance too
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Enable new business models
Pursue opportunities that that weren't previously viable because they require too many manual tasks vs. too little value per transaction
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Stop making your legal operations ‘less bad’ – turn your contracts into powerful tools that optimize relationships and free you to focus on core business
Don't take risk with your legal agreements
Hunit is the only fully compliant platform supported by key regulators and industry leaders
Hunit's multi-year product development cycle has been based on an intensive process of regulatory analysis and customer focus groups. We've had to build an innovative Web3 network to assure full compliance with court processes, solicitor regulations, and data privacy laws.
Read our defining analysis published in partnership with the Smarter Contracts programme of the UK Jurisdictional Taskforce. Our research was made possible with the support of the Ministry of Justice's LawtechUK programme, the UK Solicitors Regulation Authority, and leading minds from universities and international law firms.
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