Loyens & Loeff joins open source and nonprofit consortium the Accord Project
Amsterdam, 5 October 2020 – International law & tax firm Loyens & Loeff announced today that it has joined the Accord Project, an open source and nonprofit organization under the form of a consortium led by the legal industry and global technology companies.
In collaboration with partner firms, the Accord Project aims to develop legal and technical standards to integrate computational functionality into legally enforceable contracts, and develop a utility for the legal industry using, where appropriate, cloud or distributed ledger technology (e.g. blockchain). Participating in this consortium will allow Loyens & Loeff to explore the implementation of legally binding agreements enhanced through connections with external sources of data to enable contract automation, real time visibility of contract performance and integration of contracts in software systems.
Julien Cayet, Director Technology & Innovation at Loyens & Loeff: “The digital revolution is creating opportunities to offer better, cheaper, faster solutions. Joining the Accord Project is another step taken by our firm to interact with key tech players, understand the industry’s emerging legal & tech needs and look for technologically enhanced solutions, to better serve our clients.”
The Accord Project
The Accord Project was formed by US-based legal tech pioneer Clause in 2017. It is supported by organizations leading the development of smart documentation including DocuSign, xDTM Standard Association, IACCM, IBM and more.