London and Oslo, March 22. 2023 - Hunit, a British legal technology company, is pleased to announce that it has signed the first Smart Legal Contract (SLC) on its Web3 technology platform.
This marks a major milestone in the company’s multi-year development of an SLC technology platform that is fully compliant with the regulatory and legislative framework of the English and Welsh jurisdiction. Developed with the support of key regulatory agencies Hunit’s platform is set to disrupt the traditional approach to contract law and usher in a new era of smart, efficient, and secure contracts.
The agreement was signed between Hunit and Tide Capital Advisory (Tide) to create a joint venture company for the purpose of deploying SLC technology in the financing of energy transition related infrastructure investments.
The signed SLC uses Hunit’s technology to embed automation into an English language contract. that manages conditions precedent and subsequent in the creation of the joint venture entity, ongoing reporting of its activities, and key aspects of the JV company’s governance. While the SLC assists in the execution of these tasks, it creates legally certain records of all key actions being taken.
Aaron Powers, Hunit CEO said “This marks an exciting point in Hunit’s development. Assessing the breadth of the legal and regulatory compliance needs of a smart legal contract platform and incorporating them into a compelling product offering that solves real customer problems has been a multi-year journey for the company. While we’re still working to improve and expand our offering, we are thrilled to take this important step.”
Thomas W. Pedersen, Tide Managing Director, further commented “The infrastructure investment sector has long felt the pain of analogue, manual processing of financing agreements. Covenant reporting, conditions precedent management and amendment requests fill the inboxes of people across the sector, keeping people busy with work that doesn’t add true value and locking away important data in inboxes and PDF documents. Tide provides access to cost-effective financing of the infrastructure needed to transition the ocean industries to a sustainable future and we believe that digitalizing the basic framework of the financial services industry is a critical process that we are proud to lead.”
About Hunit
Hunit is a British technology company transforming commercial and financial markets by turning today’s static legal contracts into high performance business tools.
Hunit’s Web3 technology platform allows natural language agreements to be turned into ‘smart legal contracts’ or ‘SLCs’ that self-fulfil their agreed terms, interacting with counter parties and external systems in real time while generating legally certain records. This addresses the pain-points of current corporate contracting by stripping out manual inefficiency, human error, and siloed interaction. This leads to better risk management, new business models and increased trust in business relationships.
While Hunit’s platform is agnostic to agreement type, customer use cases include self-completing conditions precedent in M&A transactions, self-managing credit facilities based on real time analysis of future receivables, and agreements that let assets such as commercial real estate or wind farms automate operations and offer themselves as investments.
Working with the Solicitors Regulation Authority, the UK Jurisdictional Taskforce’s Smarter Contracts programme, and a range of industry experts, Hunit has published defining analysis of how to use SLC technology under English law and jurisdiction. This has allowed Hunit to pioneer a uniquely compliant technology solution for the future of commercial and financial contracting. The company is supported by the UK Ministry of Justice’s LawtechUK program, Microsoft for Start-up’s Scale-Up accelerator, and the UK Dept. for International Trade’s Global Entrepreneur Programme.
For further inquiry:
Jan Berger, CCO Mobile: +44 7871 855 655
About Tide Capital
Tide Capital is an independent Oslo-based asset manager and advisor within infrastructure asset finance. Tide specialises in the Ocean Industries across maritime logistics, offshore renewable energy and aquaculture.
For further inquiry:
Thomas W. Pedersen, Managing Director Mobile: +47 46 92 06 11