Contract Management

Auction

The genesis of the contract is an auction of a prodcut on the Market Place.

Placing of Bids

Any user can place bids on the product items in the Market Place.

In the future, we shall make the contract more generic so that it can be entered into suo moto.

Positions

One can see the bids placed by them at Positions

The bid is closed when anyone puts a price greater than or equal to the ask price of the supplier.

Contract Generation

After, the bid is closed, a contract is created between the supplier and the purchaser and is available at Contracts

It is the same contract on HyperLog.Net but available as Purchase Contract for bidder and Supply Contract for the supplier.

The contract details are available when we click the desired contract.

Payment

The bidder is expected to compelete the payment either on the network or outside of network. No transaction cost will be levied for transfer of credits on the network.

Contract History

After the payment, the same is recorded on the contract which is on the HyperLog.Net blockchain, after requisite approvals from the endorsers.

Destination Update

The Purchaser shall update the destination for the product on the contract itself.

Transporter and Auditor

The contract has the facility to select the transporter for the item and also an auditor as required by the purchaser.

The transport contracts and audit contracts are also available to the persons who are selected for transport and audit. Please note that the audit comments are stored on the blockchain for the product item.

Contract End

Once the transport is completed, the product is transferred on the blockchain to the purchaser. The contract is also marked finished. The provenance for both the contract and the product item is available on the blockchain.