Claims:We claim,
1. System for online dispute resolution for commercial transactions using a contract lifecycle management system which can be used for quick and economical resolving of disputes and which can be used for risk capturing and mitigating strategies for companies even before they get into a dispute
wherein the contract lifecycle management system asks parties involved in the contract to opt for the online dispute resolution clause in the contract;
wherein the system identifies the risks and mitigates them on the execution of the contract, even before a dispute arises;
wherein the system captures the transactions and the parties involved flag the transactions as complete or incomplete;
wherein the system reads the risks associated with the incomplete transactions and stipulates advisory methods to curtail the risk of enforcing the contract; and
wherein non-compliance of obligations under the contract or non-compliance raised by the parties involved are passed into the phase of online dispute resolution in the contract management system.
2. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 1 wherein on receiving an online dispute resolution request, the system reads through the contract and the non-compliant obligations and identifies suitable solutions for the same by suggesting commonly used techniques in similar transactions within the sought jurisdiction.
3. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 2 wherein if the suggested solution fails or is not accepted, the system sends notifications to involved parties to provide their submissions for settlement with suggestive readings from the system and are given a choice to select the suggested solution and also opt for a neutral mediator/arbitrator.
4. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 3 wherein the system allows the selected mediator/arbitrator to negotiate and call for a solution by exposing the solutions suggested by the parties involved and identifying possible solutions out of them based on previous similar decisions and the case matter at hand.
5. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 4 wherein all data submitted remains confidential and is not open to the other parties involved until opened for negotiation.
6. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 5 wherein the parties can select and opt for the solution provided and call for immediate settlement contract which is signed by the parties and executed by the system.
7. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 6 wherein the signed settlement contract automatically moves to complied section and necessary obligations according to the agreement are triggered as notifications to all the parties involved.
8. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 7 wherein the compliance is tracked and monitored automatically by the system.
9. The system for online dispute resolution for commercial transactions using a contract lifecycle management system as claimed in claim 8 wherein if the resolution performed fails, the parties can repeat the steps of calling for possible solutions and seek automation.
, Description:TITLE OF THE INVENTION:
System for online dispute resolution for commercial transactions using a contract lifecycle management system

FIELD OF THE INVENTION:
The present invention relates to faster and smoother resolution of disputes in commercial transactions through an online system using a contract lifecycle management system.

BACKGROUND OF THE INVENTION:
Dispute is a disagreement or argument between two parties. When such disputes occur, a third party is brought in to resolve the matter. Commercial disputes are disputes related to transactions between merchants, bankers, financers, traders etc. Such transactions are related to mercantile documents, contracts, partnership agreements, intellectual property rights, insurance etc. Dispute resolution is required where an agreement cannot be reached and is used to facilitate a peaceful outcome. There are a range of techniques that can be deployed such as negotiation, mediation, diplomacy and creative peace-building for the resolution of disputes.
Contract management is the process of managing agreements from their creation to their execution by the chosen party, and to the eventual termination of the contract. Such contracts are made with customers, vendors, partners or employees. Effective contract management is essential to every business. However disputes often rise during the term of the contract. The most common methods for resolution of such disputes are mediation, arbitration, collaborative law and traditional litigation.
A number of online dispute resolution systems are available in the prior art.
US Patent Application 2014379589 describes a system and method for dispute resolution which comprises of servers, software, data, and communication capabilities providing a user interface and systems enabling live settlement, live decisions, and live feedback from a group of users who are not a party to the dispute. The invention provides an online dispute resolution platform enabling parties to describe their dispute, upload evidence, comments, testimony, affidavits and comments from witnesses through a system which identifies opportunities for settlement and prompts users. The system allows the parties to settle their dispute prior to a live hearing, during a live hearing, or after a live hearing,
US Patent Application 2021073931 discusses methods and systems of online dispute resolution which includes the step of, with a web service, providing in an online dispute resolution service. The online dispute resolution service communicates an online interface to each party in a dispute. The method includes the step of determining a set of dispute issues. The method includes the step of enabling each party in the dispute to utilize a set of online dispute resolution tools accessible through the web service to resolve a specified set of dispute issues. The method includes the step of providing a conflict resolution strategy to attempt until all eligible strategies are exhausted. Each conflict resolution strategy is presented to each party via a web page served by the web service.
WO 2004102328 discloses system and method for resolving a dispute in electronic commerce and managing an online dispute resolution process wherein the techniques particularly relate to high-volume dispute handling, and integration with an online marketplace or general online selling. The techniques can handle a very high volume of concurrent disputes cost effectively, and provide for the central management of a large and geographically distributed group of dispute resolution specialists that assist with online dispute resolution. The techniques address needs arising through the recent growth of global online marketplaces and online selling.
WO2019100112 provides a system, method, computer program and data signal for communicating and event based verification in one embodiment of which the invention is directed to a dispute resolution system, which is arranged to facilitate communication between parties to the dispute and to also verify the authenticity of information provided by the parties. In a preferred embodiment, the invention is directed to a dispute resolution system that operates via a computing or telecommunications network or any other network protocols, such as the Internet.
AU2014100318 relates to online rules-based dispute resolution management system which includes a computer system to manage and automate rules-based dispute resolution between parties in a dispute. A method to automatically generate and distribute reminders, notices and notifications to relevant parties based on prerequisite actions. Relevant parties are notified of or are invited to attend dispute proceedings. Correspondences and communications are distributed to relevant parties to satisfy rules or legal requirements of the dispute resolution process. Tasks such as payments and timing of meetings or hearings are managed and an audit-trail is maintained for all tasks.
AU2018100010 gives an online dispute resolution system available 24/7 via mobile, tablet and desktop prior to the commencement of litigation. Four stage process commencing with a guided interface to provide relevant knowledge for participants, followed by an automated online algorithm based mediator (AOAM) who will use machine learning and artificial intelligence to detect patterns in participants information / language and use a library of previous legal decisions in the same arena to make suggestions and coach the participants to agreement via a combination of individual private side bars and online communication between the participants. Proposed agreements are graded red, amber or green using predictive analysis of previous legal decisions in the same area of law. The system can use information inputted by participants to populate appropriate legal documentation prior to filing via relevant court or tribunal portal.
CN110532350 describes a text information online identification processing method and device based on jurisdiction in the field of artificial intelligence. The method comprises the following steps: receiving an arbitration application request uploaded by a terminal; returning an arbitration application page to the terminal according to the arbitration application request; receiving arbitration application information uploaded by the terminal through the arbitration application page, wherein the arbitration application information comprises a contract and a current specified arbitration mechanism; inputting the contract in the text format into a case filing auditing model, identifying dispute solving terms from the contract in the text format through the case filing auditing model, and auditing text information in the dispute solving terms by utilizing a preset rule; and when the text information in the dispute resolution terms passes the auditing, determining that the current specified arbitration institution has the corresponding jurisdiction. By adopting the method, whether the current specified arbitration institution has the corresponding jurisdiction or not can be quickly and accurately identified for the online arbitration case before case filing.
Dispute resolution is done in most of the companies through litigation or alternative dispute resolution through courts or private mediation which prove to be costly and time consuming. The process also becomes tedious when there are multiple contract enforcements and risks involved.
Although online platforms are available in the prior art for dispute resolution, there are no specific risk capturing or mitigating strategies for companies before they even get into a dispute. Hence a contract management system which has an online dispute resolution clause which identifies risks and mitigates them, monitors transactions and risks associated with them and provides advisory methods to curtail the risk, is the need of the day.
OBJECT OF THE INVENTION:
The main object of the invention is to provide a system for online dispute resolution for commercial transactions using a contract lifecycle management system which identifies risks in transactions and mitigates them even before the companies get into a dispute, for those companies who have opted for the online dispute resolution clause in the contract.
Another object of the invention is to provide a system for online dispute resolution for commercial transactions using a contract lifecycle management system which protects susceptible clauses and raises notifications for their stringent compliance.
Still another object of the invention is to provide a system for online dispute resolution for commercial transactions using a contract lifecycle management system which monitors the incomplete transactions and stipulates advisory methods to curtail the risk of enforcing the contract.
Yet another object of the invention is to provide a system for online dispute resolution for commercial transactions using a contract lifecycle management system which resolves disputes pertaining to money, recovery, payment transaction failure, obligations pertaining to contract etc.

SUMMARY OF THE INVENTION:
The present invention is related to a system for online dispute resolution for commercial transactions using a contract lifecycle management system. When such a contract is executed between two or more parties, all the payments, tasks, compliances etc. are monitored by the system. The system identifies risks and non-compliant clauses and automatically suggests preferred solutions for such disputes using artificial intelligence. When such preferred solution is chosen and complied with, the dispute gets resolved and is marked accordingly in the contract lifecycle management system. However if the suggestion fails, the disputed parties opts for their preferred solution and appoints a neutral mediator/arbitrator.

BRIEF DESCRIPTION OF THE DRAWING:
Fig. 1 gives the flowchart of the contract lifecycle management system.
Fig. 2 gives the flowchart of the online dispute resolution process in the contract lifecycle management system.

DETAILED DESCRIPTION:
The nature of the invention and the manner in which it is performed is clearly described in the specification. The invention has various components and they are clearly described in the detailed description.
In any contract, a dispute resolution clause sets out the process by which the parties involved intend to resolve any disputes which may arise out of their contract. Ideally dispute resolution process provides certainty that the issue in dispute is resolved and will not resurface again. Traditionally the most common methods for contract dispute resolution include mediation, arbitration and litigation. These methods are commonly and widely used throughout the world to resolve disputes. However these methods prove to be very costly and time consuming.
Online dispute resolution (ODR) is a branch of dispute resolution which uses technology to facilitate the resolution of disputes between parties. It mainly involves mediation or arbitration or a combination of all three methods. ODR is applied to resolve a range of disputes including interpersonal disputes, consumer to consumer disputes, marital separation, court disputes, interstate conflicts etc. Efficient online dispute resolution mechanisms impact greatly in the development of e-commerce. In e-commerce, ODR proves to be a very good method for dispute resolution as the parties involved are frequently located far from one another.
ODR involves carrying out most of the dispute resolution process online including the initial filing, the neutral appointment, evidentiary processes, oral hearings if needed, online discussions, and even the rendering of binding settlements. In ODR, in addition to the two disputants and the third neutral party, technology plays the role of the fourth party which assists the third party as a tool for resolving the dispute. With innovations and development in technology, the fourth party can become more skilled and intelligent over time.
The present invention describes system for online dispute resolution for commercial transactions using a contract lifecycle management system. In this system an online dispute resolution mechanism is set up in the contract management system, due to which any kinds of disputes arising between the parties involved in the contract, are resolved online, without the need for traditional methods of resolution, which are time consuming and costly.
In the contracts prepared, a clause is present which gives the option for online resolution of disputes. The Contract Lifecycle Management System calls organizations, party to the contract, to opt for the clause which permits the system to resolve all disputes online, arising with respect to the contract. The system identifies the risks and mitigates them, once the contract is executed, even before any dispute arises and resolution becomes essential. The system enshrines the susceptible clauses and raises notification for stringent compliance, which can otherwise cause risk of enforcement action. The contract management system captures the transactions and the parties involved, who have access to the system, flag the transactions as completed or otherwise.
For those transactions which are not completed as obligations under the contract, the system reads the risks associated with the transactions and stipulates advisory methods to curtail the risk of enforcing the contract. On non-compliance of obligations under the contract or when parties raise the non-compliance, the claim automatically passes to the online dispute settlement phase in the contract lifecycle management system.
The contract lifecycle management system immediately reads through the contract and the non-complied obligations and identifies suitable solutions for normalizing the contract by suggesting most commonly used techniques in similar transactions within the sought jurisdiction. This data of solutions, fed beforehand in the system, simplifies the process of identifying and suggesting mutually acceptable solutions.
If such suggested solutions fail, the system sends notifications to all the parties involved, to address and submit their submissions for settlement of the dispute, with suggestive readings from the system. The parties will be provided with a choice to select any among the suggested solutions and opt for a neutral mediator/arbitrator. All the data submitted remains confidential within the system and isn’t leaked to the other party to the dispute, until opened for negotiation.
After the parties have chosen a neutral mediator/arbitrator, the system allows the selected mediator/arbitrator to negotiate and come to a solution by exposing to him the suggested solutions of the parties involved and identifying possible solutions out of them, based on previous similar decisions and the case matter at hand. The parties can select and opt for the desired solution and call for immediate settlement of the contract which allows the parties to sign and execute the contract using the contract management system.
The signed agreement automatically moves to compliance with the necessary obligations selected according to the Settlement Agreement, which triggers notifications regarding the same to all parties of the dispute. The compliance is continuously tracked and monitored automatically by the contract lifecycle management system.
However in cases where resolution fails, the parties have the option to repeat the steps of calling for possible solutions and seek for resolution of the dispute automatically. Disputes pertaining to money recovery, payment transaction failure, obligations pertaining to contract etc. can be settled using the contract lifecycle management system of the proposed invention.
The working of the contract lifecycle management system has been displayed in Fig. 1. As shown in the flowchart provided in Fig. 1, the contract prepared by the contract lifecycle management system is sent by the parties to the internal departments of the organizations for approval and the negotiation / collaboration of various clauses are done between both the parties involved. After all the clauses are approved by both the parties, the contract is executed. This contract is stored appropriately and the online contract lifecycle management system executes the obligations including the to-do tasks, payments, compliances etc. All the functions performed by the system after being completed, are marked as complied, by the team. However, deviations if any, are registered, and non-compliance if occurs, is noted down with appropriate reasons.
Fig. 2 gives the flowchart of the online dispute resolution process in the contract lifecycle management system, As shown in the flowchart, the system identifies the risks and non-compliant clauses and automatically suggests preferred solution for such disputes using artificial intelligence. If the suggested solution is opted for by the concerned parties, the solution is complied with and the case is resolved and marked accordingly in the contract lifecycle management system. However if the suggested solution fails or is not opted by the concerned parties, the parties can opt for their preferred solution and appoint a neutral mediator/arbitrator, which after being resolved, is logged in the system.
The contract lifecycle management system for online dispute resolution of the proposed invention is highly advantageous as it gives quick and efficient solutions for disputes between parties. It being an online dispute resolution system, can resolve disputes between parties located at geographically different locations. As the system uses artificial intelligence to suggest most commonly used techniques for dispute resolution in similar transactions within the sought jurisdiction, the solutions are usually agreeable to the parties involved due to which the disputes can be easily resolved. Moreover the costs and time involved in physical mediation/arbitration or litigation is eliminated due to which the dispute resolution process becomes faster and economical.

Although the preferred embodiment as well as the construction and use have been specifically described, it should be understood that variations in the preferred embodiment could be achieved by a person skilled in the art without departing from the spirit of the invention. The invention has been described with reference to specific embodiments which are merely illustrative and not intended to limit the scope of the invention as defined in the claims.