Introduction

What services does Paction offer?

Paction walks you through the preparation of a draft contract and gives you as much help as you need. Once the draft is ready, you can offer it to your counterparty. The counterparty will have full access to Paction help for a complete understanding of the terms. Your counterparty can either accept your draft, or edit the draft and return a counteroffer. When you receive the counteroffer, you will be able to see the differences from your original draft highlighted. The negotiation process can be carried on until you agree on a mutually acceptable wording.

At that point, you have a tailormade contract, based on the extensive research and expertise of the ICC’s expert groups. You can print it out and sign it, or you can simply sign it online – with or without a digital signature.

The contract is securely stored by us for your future reference.

Contract Preparation

We provide our users with extensive assistance, if they want it, both on screen and in the form of help manuals, to enable even a novice trader to prepare an international sales contract tailored to their needs. Those familiar with such contracts can shortcut the help and prepare a bespoke contract in a matter of minutes. We store each draft version of the contract in a secure server, appropriately time and date stamped.

Contract Negotiation

Once the party offering terms has indicated that they are satisfied with the draft contract, Paction notifies the counterparty by email that terms of contract have been offered to them. Once registered, the counterparty can review the offer and, with the assistance of all the help available on Paction, make any necessary amendments.

If no such amendments are required, the terms offered being acceptable, the contract can be signed online, with or without a digital signature, or printed, signed and exchanged in the traditional way.

If the terms on offer are not entirely acceptable a counter offer can be prepared. Once the party making the counter offer is satisfied with the proposal Paction notifies the other party and the process continues in this way until terms are agreed. Each counter-offer is clearly marked up to show the changes that have been made.

When an offer or counter-offer is made the offering party sets the time limit during which the offer can be accepted. Once this expires the contract is automatically withdrawn by Paction and both parties are notified accordingly. While an offer is pending the party making the offer can withdraw the offer at any time.

Contract Storage

Each offer and counter-offer is stored by Paction on a secure server. Once terms are agreed Paction stores the contract which bears the time and date stamp evidencing the agreement between the parties. The parties can also download a copy of the contract for their records.

Usage Rules

Withdrawal - a party can withdraw an offered contract at any time before the offer is accepted by the counterparty. In this event an email will be sent automatically to the counter party notifying them that the offer has been withdrawn. Only the party who withdrew the offered terms may re-offer them.

Expiry - the offered contract will be set to automatically lapse after a suggested 30 days. The party making the offer can vary that time period at the time they make the offer. Once the offer lapses an email is sent notifying both parties. The party who last offered the expired contract can re-offer it.

Mistake - parties are responsible for their own input errors.

Finality - Once an approved contract has been signed by the counterparty it will be binding on both parties. A party can only seek to avoid being bound by the contract by referring to any remedies given under the law chosen to govern the contract or, under the terms of the cancellation clause (if any) in the event that delivery of the goods is delayed.

See also the service terms and conditions