Smart Legal Contracts explained
Smart Legal Contracts (SLCs) are made possible by Contract-Embedded Automation
An SLC is a digital contract that combines the power of technology and legal principles to automate tasks, enforce rules, and interact with external data. Unlike a 'smart contract' (as used by decentralized finance and crypto), an SLC is specifically designed to meet legal requirements, making it binding and court enforceable. It brings intelligence and automation to traditional agreements, changing how contracts are executed and managed in a highly efficient and compliant manner.
SLCs redefine contract dynamics by executing payments automatically, dynamically updating with real-time data, and engaging stakeholders through legally certain polling, propelling contracts into a realm of unparalleled efficiency and effectiveness.
Introduction to Smart Legal Contracts
Smart contracts and Smart Legal Contracts (SLCs) sound similar but are very different in practice, technology and use.
In this webinar series, Hunit’s CEO and co-founder explains what SLCs are, what they are not, and how they can be compliantly used in regulated legal services.
Much of the material contained in this series is further addressed in Hunit’s practical exploration of compliant SLC use, published with the support of the United Kingdom’s Ministry of Justice (via its Lawtech Delivery panel and LawtechUK Sandbox) and the United Kingdom’s Solicitors Regulation Authority.
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