Often times in commerce but especially digital commerce potential business opportunities fall apart for no other reason than lack of trust between the parties. This is completely understandable as there are no whites of eyes to look at, fear of online scams, different home country regulations & enforcability, and just different social norms.
As we work to improve digital accountability there are some standard agreements that digital workers use to protect themselves as they conduct business globally that you will want to be aware of.
Non-Disclosure Agreement (NDA)
A contract by which one or more parties agree not to disclose confidential information that they have shared with each other as a necessary part of doing business together.
Non-Circumvent & Non-Disclosure Agreement (NCNDA)
Refers to a non circumvention non disclosure agreement. It is an agreement used in the preliminary stages of a business transaction where the seller and buyer do not know each other, but are brought into contact with each other by one or more intermediaries to fulfill the transaction.
A partnership agreement is a contract between partners in a partnership which sets out the terms and conditions of the relationship between the partners, including: Percentages of ownership and distribution of profits and losses. Description of management powers and duties of each partner.
An affiliate agreement refers to the terms of services between an advertiser and an affiliate (generally a publisher or website) that oversee and define the affiliate relationship. The affiliate agreement specifies each party’s responsibilities as well as the payout or commissions, which are generally determined by how many people click on the advertiser’s link on the affiliate’s site.
This document establishes the commission terms and structure between a company and its employee or contractor and can be used when a company hires someone to promote the company or the company’s products and services.
The agreement part of a business relationship often times can slow a sales cycle and even lead to the whole deal falling apart as negotiations go back and forth and can not complete in time for the sale. It’s important to balance the fear of being screwed over with the real world possibility of the sale dying either way.
So how are we working to improve digital trust?
Smart contracts are truly the future of business.
The concept is simple. Once an agreement is set between two businesses the system automatically executes the details of the agreement when the agreement is met.
To build, think of where you data is that would be needed to trigger certain steps of your contract. To avoid all the system integration needed to connect all your supply chain partners many businesses are opting to load their business onto blockchain trust networks.
Trust networks typically run on blockchain, it could be an open and existing chain or maybe they developed their own.
The idea of a trust network is that if everyone in your supply chain shares all their encrypted corporate data together the supply chain can get the benefits of full supply chain visibility and integration while still protecting their corporate data individually.
Some of the benefits of this include:
Supply Chain Efficiencies.
Eliminate bottlenecks and speed up the time to market.
Enhancing brands reputation for safety and quality. Blockchain traceability allows you to gain full visibility into all your supply chain partners all the way back to the source so you know if and where something went wrong. Some market blockchain solutions have improved the investigatory processes from months to minutes.
Every month there are forms and data any licensed party must submit to regulators to remain compliant. For companies networked to the blockchain platform collecting all the needed data storing, and categorizing it for future audits is now a simple automated process.
Help ensure safety and regulatory compliance.
Inventory Management and Smart Auto-Ordering.
With a networked supply chain partners can set to auto-order when inventory levels get low and all supply chain partners can gain visibility into products demand.
Customer Order Portal.
Make it easy for all of your customers to order from you so they can get what they need when they need it.
Make it easy to keep track of who you order from what.
Financial Transaction Supply Chain Consolidation.
Creating a smarter, safer, and more sustainable supply chain for all.
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