MYOBI organizes its business activities using the Trust Network and the smart contracting application. The Contract Board manages the TTP policy, and by accepting the TTP policy by users, MYOBI operates the Trust Network.
MYOBI recognizes the possibility of disputes with users of the Trust Network about the fulfillment of the mutual obligations under the TTP policy. This risk of disputes also exists if a company concludes processing, data exchange or management agreements with its partner. The best way to settle disputes is to avoid disputes. However, in the unlikely event that differences arise, MYOBI can respond quickly and effectively with a dispute resolution that is effective and cost-efficient for the parties.
Cycle of disputes
Based on the above introduction, we recognize the following cycle:
- Compiling contract portfolio, particularly the TTP policy
- Register users under the applicability of the TTP policy
- Contract management
- Dispute Resolution
1. Compling contract portolio, particularly the TTP policy
MYOBI has asked the Contract Board to compile and manage a contract library for trusted third parties. The contract library consists of:
- TTP policy with the agreements between MYOBI and all its users.
- Processor, data exchange and management agreements aimed at processing company and personal data, as referred to in the GDPR. Users submit these agreements to their partners to make agreements in the information ecosystem.
- Mediation Regulations. This agreement applies a user and its partner to the resolution of disputes.
See: TTP Rules and TTP Method for a summary of the TTP policy. The TTP policy is available to (potential) users on the Trust Network.
The Contract Board maintains the contract portfolio. Legislation, business circumstances and ambiguities identified among users of the Trust Network may be reasons to adjust the contract portfolio. Sometimes this has consequences for agreements already made between the parties. MYOBI supports the process of transferring agreements already made. Managing the contract portfolio in a controlled manner offers companies the comfort of reducing ambiguities about the explanation of rights and obligations in contracts. All correspondence during the contract formation process will be kept with the agreement by MYOBI. MYOBI then certifies and deposits the contracts, including this correspondence.
2. Register users under the applicability of the TTP policy
Authenticating the company’s identity and the legal representative is central to the registration process. Once the legal representative has been granted the rights of the Company Administrator to the information ecosystem, MYOBI asks this representative to accept the TTP policy.
The legal representative introduces employees to the information ecosystem and assigns roles to them. Managing employees and managing privileges are included in the ecosystem as well. The legal representative often delegates the management of employees, roles and rights to the reputation manager. Responsibility for administrative tasks remains with the Company Administrator.
MYOBI asks every company that signs up to the Trust Network to accept the TTP policy. This contracting process is simple, and it is impossible to negotiate on the terms of the TTP policy.
MYOBI organizes its business activities effectively with smart contracting. The Business Administrator or Reputation Manager appoints Business Process Coordinators to initiate contracting processes. A Business Process Coordinator involves users (employees) and any external experts in the process and opens contract types for discussion. If there is consensus and the Company Authorised Signatory agrees to the contract types, the Business Process Coordinator invites the Business Process Coordinator of the business partner to participate in the contracting process. The invited Business Process Coordinator also invites the authorised persons to the contract process. Negotiations between the parties are now underway.
The contracting process takes place on the Trust Network. MYOBI, in the role of a notary, records the pre-contractual phase. Once the Signatories have signed, MYOBI certifies and deposits the contracts and the pre-contractual phase in a file. Of course, this data is only accessible to the partners. The controlled and documented contracting process offers companies the comfort of removing ambiguities about the identity of companies, the legal capacity of representatives, the applicability of general terms and conditions, filing of concluded agreements, and the certainty that compelling evidence about the arrangements is present and accessible afterwards.
3. Contract management
The life of contracts may vary. It depends upon the obligations and rights that have been mutually agreed. The parties wish to receive timely information about the expiry. In addition, we distinguish a range of situations that are important to parties in which they must act. A contract management process in which executing business rules and initiating activities forms the foundation for contract management.
Managing the company rules, organising appeals to rights, and signalling obligations prevent aggravating discussions with partners afterward.
4. Dispute resolution
We recognize the following steps:
Step 1: The business process coordinator starts a mediation process. In the process, the Business Process Coordinator involves the applicant for the mediation, relevant employees and possibly external expertise. The Business Process Coordinator includes the set of documents relating to mediation in the process. Using the set of documents, the applicant describes the matter, for example:
- The facts of non-compliance with the obligations by the other party.
- The consequences of non-compliance with the obligations by the other party.
- The reference to the contract with rights and obligations.
Subsequently, the Business Process Coordinator invites the Business Process Coordinator of the other party to participate in the mediation process.
Step 2: The other party’s Business Process Coordinator involves relevant employees in the mediation process. With the resource of a document, the other party views the application.
Step 3: Usually, the parties reach an amicable settlement by comparing the application and the opinion. A document has also been included in the portfolio for this.
Step 4: There is a chance that the parties do not want to start a mediation process but want to submit their dispute to a judicial authority. The mediation regulations provide for this.
As the final part of the agreement cycle, this controlled dispute resolution process offers users on the Trust Network the comfort of working together effectively.