During the year 2000, global governments saw a rapid transformation to digitization. But the need for ‘wet,’ or written signature on commercial contracts was still a limitation faced by businesses. Therefore, global governments attempted to pass legislation recognizing electronic signatures on documents as legally binding.
Soon, many countries began passing laws giving electronic signatures the same legal standing as written signatures. Despite the steady development of E-signature, its impact has been quite revolutionary.
Period of Wet Signature
Traditionally, a 'wet' signature was required to make a document legally enforceable. However, the problem wasn't the 'wet' nature of the signature. But the process behind it.
First, the document had to be on paper. Then to have the documents signed, both parties had to be present physically. In case the signatories were not present at the time, then it had to be delivered to them through courier.
As technology improved business practices around the globe, the way contracts and agreements are signed have been digitized. Accepting electronic signatures legally binding by many international territories revolutionized Contract Management best practices worldwide. Let us go through some benefits of using E-signatures in managing your contracts:
The Advantages of Electronic Signatures in Contract Management:
Any cost-cutting measure is a way to boost profits. And E-signature helps your business to save in 2 areas:
Saves your staff time as they no longer have to spend their valuable time managing and putting physical copies of contracts in front of signatories.
Saves paper, printing, and postage cost.
Streamlines Business Operations
Automating basic administrative tasks like delivering contracts for approval makes your business operation more efficient. Timescales for projects are also accelerated due to the faster approval and enactment of contract documentation. Additionally, an E-signature platform such as InkPaper allows you to notify other parties whenever you are done signing the document.
Compliance is greatly enhanced with the auditable date and time stamps in E-signature platforms. As a result, accountability and transparency are guaranteed, and your business can demonstrate that it meets relevant regulatory and industry standards.
Through encrypted data transfer, the integrity of electronic signatures and contract data is preserved. Thus, compliance is assured, and signatories can proceed with the contract with complete confidence.
Gives Access Based on Permission
E-signature platforms like InkPaper provide access based on permission. Only authorized parties can access contract documentation from anywhere using any internet-connected device. Thus irrespective of how many signatories are involved or their location, contract approvals are managed quickly and efficiently.
Furthermore, your business can maintain complete version control, ensuring that only the most up-to-date, approved documents are in circulation.
Businesses benefit from electronic signatures not only because they improve contracting processes for signers but also because they improve workflow for employees.
When multiple departments and co-workers need to collaborate on a contract, digital documents and electronic signatures make it fast and easy to share, revise, and approve contracts.
Provides Reports and Analytics
Customisable reporting and analytics tools allow you to monitor automated approvals and workflows' efficiency closely. By doing so, procedural reinforcement is provided that allows for the early identification of delays and roadblocks.
With InkPaper’s E-signature, Streamline Contract Management!
By securing digital contracts with electronic signatures, your business's Contract Lifecycle Management processes are revolutionized. If you haven't already, now is the time to go paperless, mobile, and execute your agreements faster.
Using InkPaper, you can track the signature status of the approving parties, notify the parties that a contract has been signed, and check in approved agreements automatically into the contract management system.