Blockchain Consortium Agreement

It is preferable to document in writing the extent and order so that there is a clear sharing of responsibilities, risks and responsibility. CEECs can be mandatory or non-binding, and their form is very flexible and non-uniform, as their content is determined by the objectives before the consortium. There are no standard forms or templates. As a general rule, the agreement addresses objectives and priorities, defines services, imposes mutual respect for individual and group organization practices, provides compensation and accountability, makes contributions, operations, governance (the Consortium`s Governance module covers detailed governance considerations), proposes change/modification processes and rules for resignations and admission of new members. It is always a good idea of „time“ for agreements and setting a timetable to turn these agreements into formal participation contracts. Consortium members` responsibility: Consortium members should also consider whether they assume additional responsibility for participating in a consortium and, if so, how this responsibility can be mitigated. A third party may make a claim against one or more members of the consortium who are considered the means necessary to satisfy a right or who are likely to regard the claim as trivial enough to settle without litigation. In this way, members could defend themselves against acts they did not commit. If the Group`s legal agreement is still in an informal phase, for example.

B a letter of intent (MOU) or an agreement before the consortium, when the blockchain network is in production, it is possible that the working group units are individually responsible for all liabilities that occur, as there is no separate legal entity acting as a shield and who assumes responsibility. For more details on the pre-consortium agreement, see the Training Consortium module. Responsibility may be imposed by law, and it may also be prescribed – or limited – by contract. In general, consortium members should take into account the responsibility of network participants and the potential liability of third parties, including regulatory issues and situations in which the interests of third parties are affected. Consortium members may prefer not to fund all costs in advance. In this case, consortium members should consider the steps to be taken to obtain and release additional funds and what happens when additional funds are needed. Should members be required to contribute additional amounts? Should the consortium have the opportunity to apply for external funds, which will likely lead to an extension of the consortium and the distribution of ownership of new donors? The consortium agreement is often formed organically with a small number of companies or among participants within a single company who are interested in further researching blockchain technology.