SYSTEM AND METHOD FOR APPLYING RICARDIAN CONTRACT PRINCIPLES TO AGREEMENTS
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United States of America Patent
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Issued Date -
Jun 15, 2023
app pub date -
Oct 22, 2022
filing date -
Oct 22, 2021
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Abstract
The present invention is a system and method that applies Ricardian Contract Principles to agreements. Ricardian contracts are designed for the hyper ledger, and are comprised of three main components: contract, metadata, and ledger. The present invention collects data from a confidentiality agreement, and can draft the agreement to ensure high accuracy in data extraction. Contract terms can be organized in a hierarchy of importance that ranks contract statement in the general order, such as: obligations; restrictions; rights; and conditional statements. The present invention tracks episodic and conditional terms, such as a monthly payment or a disclosure requiring notification. The present invention connects agreement terms to an immutable contract ledger. A ledger of contract statements associated with the events or circumstances triggering such contract obligations, restrictions, and rights processed by an immutable historical log recording all events.
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