Partners conclude contracts in which they agree on rights and obligations. Sometimes a partner does not fulfil its obligations, and a dispute arises. Settlement of the conflict is often accompanied by high (legal) costs and the loss of a partner. Responding quickly and decisively prevents the dispute from escalating. MYOBI facilitates its users in the TTP policy with effective and cost-efficient mediation regulations aimed at dispute resolution.
All users of the Trust Network agree with the TTP policy and, therefore, with the mediation rules. In addition, the Contract Board is based on the operation of the TTP rules so that all contracts included in the contract portfolios and company-specific contract libraries are also based on the mediation rules.
MYOBI uses smart contracting to accept the TTP policy by users of the Trust Network and offers a contract portfolio that allows users to enter into processor and director agreements with their partners. Partners make agreements about rights and obligations concerning the company and personal data processing when concluding agreements.
Most common disputes
One business partner provides a product or service. The other business partner pays for this. It sometimes happens that disputes arise between partners about the quality of the products and services provided and whether or not to pay. Such disputes could escalate if there is uncertainty about:
- the powers of representatives of the parties.
- under which general terms and conditions contracts have been concluded.
- the rights and obligations in the contracts.
- whether the products and services have been delivered or paid for.
A high-rise dispute disrupts the relations between parties. Sometimes it is a reason to end the relationship.
The costs of settling a dispute can also be high. First, it takes a toll on the company’s capacity. Then there are costs for lawyers and mediators. The outcomes of settling a dispute before a court are also uncertain.