Tractis Online Contracts: Online Business Tool

Filed in archive home business software on August 5, 2007

If you have been dreaming of not having to download, print, scan, upload, and email contracts sent by your clients or whoever you're dealing with, a Spanish company has just been thinking about you. Ever heard of Negonation?

Now a Spanish startup called Negonation hopes to raise the profile of the online contract - and disrupt the entire legal landscape in the process. In July it launched Tractis, the first Web platform that lets users create, manage, and execute contracts online - no lawyers required. The service is stocked with a database of contract templates from around the world, and its contracts are legally enforceable in the offline world, even if the parties are in different countries.

Tractis, its creators say, is no less than a comprehensive legal system for the Internet nation. "The biggest problem with online contracts now is enforcement," says David Blanco, the Madrid-based CEO of Negonation. "If you reach an agreement with another person and something goes wrong, how do you enforce the contract and in which jurisdiction? How do you know the true identity of someone calling himself snake69@hotmail.com?"

To solve that kind of problem, Tractis will offer a comprehensive range of trust and verification systems - and take advantage of controversial national ID cards. There are already 600,000 of the cards issued in Spain; similar ones are compulsory in Belgium, Germany, and Portugal. The United Kingdom is set to roll them out in 2010. Insert your ID card into a smartcard reader and Tractis will instantly verify it with your country's database.

Don't you think it's a very promising service for service providers who deal with clients from different countries? I'll definitely be following this company and cross my finger that it will become a perfect solution for those who are having a hard time using contracts because of the varying international laws.

via CNN