Importance

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Abstract

System and method for facilitating creation and management of contractual relationships and corresponding contracts online within an access controlled environment. The system and method include and involve a service facility configured to establish access controlled environments. The access controlled environments permit users to engage in secure online operations related to binding contracts between transaction parties. Also included and involved is a data storage facility that is coupled to the service facility and that permits users (transaction parties) to store and access data related to the binding contracts within the access controlled environments managed by and within the service facility. The data storage facility includes a master transaction agreement database and a contract database. The master transaction agreement database stores data related to master transaction agreements, and the contract database stores data related to contracts which are subordinate to at least one master transaction agreement. Master transaction agreements can contain terms and conditions regarding the enforceability (i.e., whether a contract is void, voidable, enforceable, etc.) of subordinate contracts.

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First Claim