Smart contract templates, what makes them so smart?
You’re probably familiar with what a template is. But do you know what a smart template is? And what exactly makes these templates so smart? It comes down to two key features that give them their brilliance. Creativity and interactivity. Let’s dive deeper into how each of those aspects can be used to their full potential.
Smartphones, smart TVs, smart cars, smart refrigerators, and now, smart contract templates? It’s a descriptor that we see getting attached to anything that has a remotely new piece of technology involved with it. Sounds like we’re going a bit overboard with it. Yet, when it comes to smart contracts, it’s actually an apt descriptor. PDF and paper contracts are dull, while smart contracts are live, interactive, and offer benefits that feel, well smart and alive.
Create your own or pick a readymade template
One of the beautiful things about smart templates, that hammers home the smart element, is that they’re customizable. It’s a bit similar to a LEGO set. Sure, you have a template of what you can build and instructions on how to do so. But you also have the ability to let your creativity show by combining different elements and pieces to make something special. When it comes to smart templates, that means you can add a video message, an eye-popping image, or an interactive product table to your well-written proposals.
There are tons of permutations that can be created with these templates. You can design your contract the way that you want. Determine whatever you think will get that deal over the line and have your offer stand out from the rest of the pack. Then choose those elements and go with them. These templates allow you to use your imagination, let it run wild, and make something magical that your counterparties won’t forget.
Turn negotiations into conversations
Empower your counterparties to be active members in the contract process. We get it, negotiations can be tricky, and sometimes you’ve gotta play hardball to get what you’re after. Yet, when you involve the other side of the table and they feel like they’re actively contributing to the outcome, they’re more likely to sign.
According to this article from Harvard Law School, in negotiations, we attach a great deal of importance to how we achieve the outcome. Meaning that if both parties participated in the discussion and expressed their views and positions, they’re likely to feel that they had an impact on the eventual outcome. If that’s the case, they are happier with the result and see it as fair, even if in reality, it’s a bit one-sided.
Smart contract templates offer you the flexibility to unlock sections of your contracts to be editable by others, inside your organization or outside. You can use it as an internal safety measure to ensure the proper information is getting added to your contracts. Once it’s been sent out, your counterparties can play a role in choosing the right information and verifying that it’s correct. It’s this aspect of collaboration and conversation that occurs directly inside the contract that brings about the win-win feeling after the deal is signed.
The tools and canvas are there
Smart templates are a blank canvas with which you can craft a contractual masterpiece. Or if fingerpainting is more your style, they give you some lines and a pretty picture to paint within. Whatever your workflow is, these templates give you ample room for creativity and a structure to work some wonders with. Their interactivity creates a unique experience and feeling for your counterparties that’s missing from standard contract flows. Smart contracts and their templates are a tool to help you stand out from your competition and add a little magic to your contract processes.
