Businesses spend a significant amount of money on legal costs.

Research from the Global Contract Management Association (IACCM) estimates the cost of a simple, low-risk contract at $6,900.

Also, contracts with a mid-level complexity can cost an average of $21,300, whereas expenses for high-complexity contracts can quickly run into hundreds of thousands of dollars.

Key takeaways

• As more businesses engage in international trades, the legal infrastructure is in dire need of an upgrade.
• Blockchain technology provides a borderless platform to execute business transactions without the usual risks involved in traditional contracts.
• Smart contracts allow enterprises to do business in a trustless, secure environment, minus the delay caused by traditional legal processes.
• Smartlink aims to promote its blockchain smart contract services across the globe, helping businesses reduce their legal expenses.

For small businesses, legal fees associated with contract structuring and execution can have a massive impact on their bottom line.

What could be a solution for the high legal cost of business contracts?

Smart contracts are small self-executing codes that run on blockchain networks.

They have a wide range of business applications, such as escrow based on blockchain, escrow smart contracts, and similar use cases.

Smartlink is a leading provider of escrow smart contract services that leverages the agility and security of Tezos chain for its smart contracts.

What is Smartlink Escrow Smart Contract?

Smartlink escrow smart contracts are designed with complicated business agreements in mind.

Smartlink Escrow smart contracts are self-executing codes with built-in legal enforceability clause, fraud prevention, and are equipped with the ability to add review period in a business transaction.

Smartlink helps businesses create complex contracts with self-execution capabilities.

Some of the features of Smartlink Escrow smart contract service include:

• Unlimited stakeholders: Businesses can add multiple stakeholders (parties) to Smartlink Escrow smart contract. Additionally, there is no need to create individual smart contracts with different parties. You can include all the parties within a single contract, thereby boosting the transparency within the deal.
• Complex multi-step agreements: For businesses seeking legal contracts for complex processes, Smartlink supports multi-step agreements through stage-wise smart contracts. Businesses receive full protection through a systematic release of funds with multi-step smart contracts.
• Pre-built contract templates: Smartlink provides a library of enforceable smart contracts, allowing businesses to save resources on legal research.
• Inspection time frame: Smartlink escrow smart contract has an option to add inspection time to every contract. It provides buyers ample time to review the products and services delivered under the contract.

Why Smartlink uses the Tezos blockchain

Smartlink has created its escrow smart contract services on Tezos blockchain.

Tezos is one of the leading blockchain networks addressing the scalability and efficiency issues prevalent in current blockchains.

Tezos uses liquid Proof of Stake (LPoS) algorithm to achieve high transaction throughput.

Tezos offers built-in support for institutional-grade smart contracts.

Its smart contract language, Michelson, supports formal verification to eliminate any security issues, based on mathematical formulas integrated within the code.