A system and method for launching products and generating contracts in the clearing house system (102) within a network environment (100) is described herein. In one implementation, the clearing house system (102) includes a product launching module (108) to extract a plurality of product characteristics corresponding to a product. The product launching module (108) maps product characteristics with a number of product-class attributes to classify the plurality of product characteristics into a generic set of product characteristics and a specific set of product characteristics. Further, the product launching module (108) provides a product-class template including a set of attributes corresponding to the generic set of product characteristics and the specific set of product characteristics.
