A Spanish startup takes aim at the legal profession worldwide with legally-enforceable online contracts.
Even this far into the digital age, one vital part of business remains stubbornly analog: the legal contract. Almost every corporate obligation and partnership requires reams of paper and at least a couple of lawyers. Internet-based, do-it-yourself contracts tend to be relegated to the level of eBay sales - and even they are notoriously difficult to enforce if something goes awry.
Now a Spanish startup called Negonation hopes to raise the profile of the online contract - and disrupt the entire legal landscape in the process. In July it launched Tractis, the first Web platform that lets users create, manage, and execute contracts online - no lawyers required. The service is stocked with a database of contract templates from around the world, and its contracts are legally enforceable in the offline world, even if the parties are in different countries.
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