Legal engineering business, SYKE, and World Commerce and Contracting (WorldCC) have joined forces to produce new contract standards for the sale and purchase of goods and services, reflecting WorldCC’s long-established Contracting Principles.
The new templates are intended as start point for corporates looking to refresh their equivalent templates and present a balanced fallback option when parties disagree whose template to use as a start-point.
Alistair Maiden, CEO and Founder of SYKE, who before founding SYKE headed up the contracts team at ASDA said, “I love sports but hate red-line tennis. If we can reduce the average length of a rally, the project will be a success.”
Sally Guyer, CEO at WorldCC “I’m excited about the range of opportunities this project will provide. The use cases we’ve already discussed for these terms are extremely innovative and the possibilities are endless to iterate on this idea and add more bolt-on options in future.”
The new templates have been in genesis for 18 months and are intended to be finalised at a jointly hosted workshop in London, attended by leading industry figures. The group will review and critique the new templates and then address their practical application.
Among the projected use cases for these templates are:
- Incorporation by CLM providers into their underlying templates / clause libraries
- Adoption and use by SMEs to simplify and accelerate their engagement with customers and suppliers
- Evaluation by bigger corporates as a base for standard transactions
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