Smart Contracts on PayDocker are essentially a digital contract. It facilitates the establishment of a binding partnership between users and governs the way you transact with another user on PayDocker.
Once a smart contract has been created between a buyer and supplier, it takes effect immediately. This makes your transactions safe, efficient, and irreversible.
As a property partner, you will receive Smart Contracts from your buyers, you can choose to accept or re-negotiate with your partners via PayDocker.
Receiving new Smart Contracts from your buyers
- You can access your Smart Contracts via your PayDocker account. You will see new
In the pop-up, review the transaction terms provided by the Service Provider. Then, input the ID utilized for that specific buyer
If they meet your approval, click Accept Proposal to finalize the agreement. You can then proceed to conduct transactions with the service provider on PayDocker.
Once the smart contract has been accepted, the other party will also receive a confirmation email if they have set up their notifications on PayDocker.
Negotiate your smart contract terms
You can choose to re-negotiate the terms if you disagree with the proposed terms. You can initiate re-negotiation by sending messages in the message box before accepting the proposal, then select 'Request Update'.
The other party will receive email notifications of your messages, as well as a status update on their smart contracts setup dashboard.
Here's how you can re-negotiate through our platform:
1. Click Request Update.
2. Within the Smart Contract entry, select Connection (1), and you will be directed to the message box where you can review the message they sent.
If you agree with the modifications, you can go back to the models and terms to make your adjustments. If you do not have the required terms, you may need to return to the Terms page to create a new one.
E.g. We agree to extend payment terms to 14 days for this buyer. However, we do not have any terms that match this request. To make the changes, navigate to Settings (1) and access the Terms Page (2). Then, we create a new payment term (3) specific to this Smart Contract.
4. Once done, return to the Smart Contract entry and choose the section requiring modification (1). Make the necessary adjustments (2) and click Next Step (3) till you reach the Connection section (4).
E.g, we chose Terms (1), checked the box for the new payment term (2), and clicked Next Step (3) till we reached Connection Section (4).
5. When you're ready to send the updated proposal and have accessed the Connection section, you can send a reply (1) and/or directly click Submit (2) to dispatch the updated proposal. Your buyer will then receive the updated proposal.
6. The entry status will then change back to 'Waiting Approval'.
7. Once the buyer accepts your Smart Contract Proposal, the status displayed on the Smart Contract entry will change to Accepted.
💡 Feel free to renegotiate and revise the Smart Contract Proposal as many times as needed. Utilize our message box and internal notes to track the negotiation progress effectively.