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Creating an agreement
Creating a Nation3 Agreement is a straightforward process. Here's what you need:
- Terms of the Agreement: These are the conditions that all parties involved will need to follow. If you're familiar with Markdown, you'll be pleased to know that we use Linked Markdown, an easy to use superset of Markdown, for all our legal documents.
- Parties stakes: Each party must deposit a certain amount of tokens as collateral upon entering the agreement. This deposit defines the maximum amount of tokens a party can lose if they breach the terms.
- Clarity is Key: Be as specific as possible when defining the terms of your agreement, especially when outlining breach conditions and severity, along with desired settlements. The clearer your terms, the smoother the dispute resolution process will be.
- Notice Provision: Include a notice provision in your terms, specifying the communication channel that will be used in case of a dispute. If not specified, the default channel ([email protected]) will be used.
- Adjust you timeframes: In your terms you can define custom timeframes for the resolution process, provided they fall within the valid range. If not specified, default timeframes will be applied.
Remember, a well-crafted agreement not only helps avoid disputes but also makes the resolution process more efficient if disputes do arise. So, take your time to create a comprehensive, clear, and effective agreement.
Coming soon: Agreement Templates! This feature will allow you to jumpstart your agreements using pre-reviewed terms, saving you time and effort. Stay tuned!