2023
In 2023, we secured funding to develop a fully computable version of the Binding Authority Agreement, moving us closer to a fully digital DA marketplace.
Funding Secured
2023: Funding Secured for CBAA Development
In 2023, we achieved a significant breakthrough by securing funding from the LMA Board to develop a Computable Binding Authority Agreement (CBAA) in collaboration with Axiome Partners and the LMA DA Wordings Group. This funding allows us to:
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Draft, design and modularise a digital-first version of the BAA.
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Establish a Digital Library Capability for storing and managing digital objects.
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Develop a Contract Creator tool to assist the market in producing ‘right first time’ contracts.
The strong support from managing agents and brokers underscores the importance and potential of the CBAA in revolutionising the DA market.
CBAA Modularisation
BAA Redesign: Overview of Modules
The Binding Authority Agreement has been redesigned to form a set of contract modules, each being a natural grouping of functionalities and/or data objects.
Note that each module has scope for 'endorsements' - a distributed and structured version of the 'old section 6.1'
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