Large-scale digitization has been making a significant impact on the way things are done over the last few years. The nature of work across industries and sectors has transformed due to the implementation of advanced digital means and technology. New advancements are rolling in at an unimaginable pace and it has become very important to implement each and every improvement that digitization is providing to propel ourselves forward.
One such change that digitization has made possible in recent times is the digital handling of contracts. Digital contracts or eContracts are here with a digital alternative for handling contracts that involve its creation, assessment and signing. All contractual work can now be managed through the use of econtracts. Let us go through all that is to know about econtracts.
Since we are clear on the fact that eContracts are the digital version of the usual paper contract, let’s discuss how it is created. Digital contracts can be created on online platforms provided by any eContract service provider by manually typing in the specificities of a contract and then getting it ready for assessment by the other party, but there is a catch when it comes to the digital option. eContract services provide customers with contract-making software that make it easier for individuals and organizations to create templates for different types of contracts and then make the necessary alterations regarding the variables. This is the added benefit of eContracts that makes preparing contracts easier.
Econtracts are a legally binding option with laws like Electronic Signatures in Global and National Commerce Act (ESIGN) by Federal legislation in 2000 in place. Econtracts can be offered as a legally binding contractual agreements between two parties for local as well as global transactions which makes it all the more convenient.
But why are eContracts gathering so much attention in recent times? There must be something that has been contributing to its growing user base. In fact, there are numerous factors that can be considered as valid reasons for opting for eContracts instead of sticking to the traditional method. Let us go through some of these.
Remote Access to Contracts
eContracts can be beneficial when it comes to contracts that require individuals from far apart places to meet up at a common place to discuss and sign contracts. It is not a viable option every time to drop by a specific place for any party to take care of the contracts. It can prove to be hindering for our lives as we will have to either drop our important work and travel to the place of signing or we may have to delay the signing altogether if the hours don’t match.
Through eContract services, we can access the contracts from anywhere we want. We just need an internet connection and a device. The details can be assessed from the comfort of one’s home and there is no need to squander your precious time commuting to distant places for a single sign.
The Need For A Body Of Lawyers Is Mitigated
Contracts were previously created through a team of lawyers who discussed the specifics of each and every document and had to manually type in and assess everything. The result was a time-consuming process that delayed the speed of transactions. However, eContract services come with contract generating software that allows organizations to create templates for the type of contracts they usually deal with. One just needs to specify a thing or two that is specific to a particular contract and then just let the software take care of the rest. Hence, there is no need to hire a team of lawyers but you can make it work with one or two individuals who could simply assess the documents in an effective manner as an extra precaution.
A Little Contribution In This Time Of Global Crisis
Our globe has been in a constant state of crisis for the past few decades and one of the main issues has been our indiscriminate use of natural resources. A lot of paperwork is required especially by big organizations to take care of their contractual work and it is not the most environmentally friendly approach that can be taken. To make sure we are doing our part for mother earth, we need to actively make decisions that will help us lessen the harmful effects of human activity on the world. Adopting eContracts instead of traditional paper contracts can be a small but influential step towards contributing to our environment.
Enhanced Security for Contracts
One of the most crucial upgrades that you can bring on with the implementation of eContracts is the enhanced security of contractual documents that the traditional way of doing contracts can’t provide. Paper contracts run a huge risk of misplacement, damage, or of simply falling into the wrong hands. eContracts mitigates these risks related to managing contracts as these services provide online storage for all your documents that can only be accessed by authorized individuals after verification. Even if someone gets hold of your device, they cannot get to your contracts and fiddle with them as they would need to get through the digital encryptions through which the contracts are protected.
These were some of the factors that greatly enhance the whole experience of all the parties involved with the contract. Surely these factors make a strong case in favor of the digital way of getting things done. On top of that, signing the document itself is not a very complicated process but is surely a safe and sound option to consider. There are numerous ways of signing digital documents and each of them ensures that the person handling the contract is authorized to do so. Signers are usually directed to a program that helps them generate an electronic signature for themselves which can be used only by them. The signer can use a specific number or sequence as their digital authorization or just type in their names. eSigning software often generates a range of options depending on your typed letters and comes up with templates for you to choose from that seem somewhat similar to your original signature.
With things taking a speedy turn and processes all over the world becoming faster and easier by the day, eContracts does seem like a great step forward for every business and organization. It is an age of competition and everyone should be willing to take all the necessary steps possible to give them the edge over their competition.