1. Paction Creating international sales contracts online

2. Presentation 26 October 2004 International Conference on the Legal Aspects of an E-Commerce Transaction Den Haag

3. Agenda Origins What is Paction? Who is it for? What are the benefits? What security features are there?

4. Origins ICC Model Contracts –helpful tools for traders –user-friendly formats Web-based version proposed by Prof. Fabio Bortolotti Developed by Allagraf Ltd in co- operation with the ICC

5. What is Paction? An online service Generates contract drafts Manages the negotiation workflow Allows secure signing and storage First implementation based on ICC model sale contract Fits with eUCP, SURF etc

6. Who is it for? Exporters and importers Lawyers Trade finance institutions Documentary departments of carriers and forwarders

7. Legal benefits The security of ICC approved and designed contracts –universal contract acceptance –low risk contractual environment –no “battle-of-forms” –can use digital signature Conventional paper print-out possible Convenience of making standard terms available to trading partners

8. Explicit contracting Each action is clearly marked (offer, counter-offer, acceptance etc) Each action is clearly explained Relevant events are notified by e- mail to the parties

9. The process Start Create/edit OK? OriginatorOfferee Review Offer Edit OK? Review Counteroffer Edited? Acceptance Contract Y Y Y N N N 1 2 3 4 5 6 7

10. What security features? All communications encrypted by SSL Identification of trading partner by digital certificate or by off-line password Offer and acceptance signed digitally, or by recorded entry Payments (for service) handled by separate agency

14. Future developments Other contracts Links to more services –Communications –Ancillary services –Digital infrastructure Channel sales

15. Thank you for your interest! http://paction.modelcontracts.com