Use cases – Contract
Contract
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CONTEXT
300 Solutions LLC, a software development company, was about to sign a multi-year contract with Blue Corporation, a client in need of custom software solutions for their business operations.
This contract served as a formalization of the software development project’s terms and conditions, guaranteeing that each party understood their respective roles, responsibilities, and obligations.
This contract’s main objective was to create a legally binding agreement between 300 Solutions LLC and Blue Corporation for the creation of specially tailored software.
In order to safeguard the interests of both parties, this contract would specify the project’s objectives, deliverables, schedule, terms of payment, intellectual property rights, and dispute resolution measures. Both Blue Corporation and 300 Solutions LLC‘s legal representatives would examine the contract.
The contract would become legally binding when both parties signed it after they had agreed to its terms and secured the required approvals.
CHALLENGE
Using its own documents, 300 Solutions LLC, the software development service provider, needed to expedite the contract drafting process and ensure that its legal team approved it in a timely manner.
The ideal scenario would involve the use of a system that permits secure document exchanges between 300 Solutions LLC, the party that drafted the contract, and Blue Corporation, the recipient.
Ideally, both parties would have round-the-clock, secure access to the documents stored in a cloud storage location.
Both parties had to be able to monitor and track the project’s progress in real-time to better manage their time and ensure that the contract was ready and approved by the deadline, as the agreement was set to take effect by the end of the quarter before the next 300 Solutions LLC board meeting.
Furthermore, it would have been beneficial if tasks had been created through the platform itself, as that would have made it possible for everyone to have a clear agenda that was accessible from one place.
OUTCOME
Both parties eventually chose the Ya-Hub platform, with 300 Solutions LLC using a Ya-Hub Supplier account and Blue Corporation using a Ya-Hub Client account.
All of the stated needs could be satisfied by Ya-Hub‘s extensive module set. In particular, communication was made possible by using the Real-Time Project Management module, all while maintaining security via the https protocol.
A cloud space that was accessible to both parties and did not involve any risk of document loss was included in the online chat module.
Last but not least, the integrated task management module allowed the Supplier (300 Solutions LLC) to design tasks that would be given to the Client (Blue Corporation), allowing both sides to collaborate over time without duplicating any work. With this win-win scenario, the contract could be written and approved more quickly, meeting the deadline.
Regarding the contract itself, 300 Solutions LLC and Blue Corporation entered into this software development agreement with the intention of ensuring that all parties understood their respective responsibilities, minimizing project risks, safeguarding intellectual property rights, and creating a structure for efficient project management and dispute resolution.
This agreement would give both parties legal protection and help ensure that the software development project meets the client’s requirements.
Ultimately, the contract was verified and utilized to authorize the commencement of this crucial strategic partnership between Blue Corporation, a client of 300 Solutions LLC, and the software development company. This partnership would significantly boost 300 Solutions LLC‘s revenue over the following three years (the duration of the contract) and create additional business opportunities.
This allowed for a discussion on the topic to be covered at the upcoming 300 Solutions LLC board meeting, which its shareholders enthusiastically embraced.