How Startups can speed up contract review using InkPaper!
Updated: Aug 31, 2021
Launching a new business can present significant business and legal challenges for a small team. A small team must not only design, develop, market, and sell but also deal with legal issues.
Startups have many agreements with vendors, clients, and creditors. The contracts are reviewed multiple times to ensure that it meets all the legal requirements. Multiple contract reviews are not only tedious but also require a lot of time from a small team. InkPaper, a contract workflow, negotiation, and e-signature platform, helps startups review and negotiate the terms of the contracts more quickly.
Here are some of the major benefits of using inkPaper to speed up contract review for startups:
1. Avoid errors
As teams review contracts, they discover multiple errors that need to be amended according to the agreements. Team members can easily redline high-risk errors using InkPaper, which simplifies contract review. Streamlining the negotiation process makes startups more efficient, and the whole contract review process is accelerated with minimal errors.
2. Collaborate with multiple stakeholders
Multilateral negotiations are necessary to reach an agreement acceptable to both parties. To ensure that every requirement is met, the process goes back and forth for a long time. By providing a collaborative platform that allows stakeholders to review, edit, and comment on online contract drafts, InkPaper decreases this prolonged time. Each change is recorded by InkPaper to be audited later and the document is stored securely on the cloud. The collaboration tool by InkPaper saves startups valuable time.
3. Secure and convenient Storage
Following the execution of agreements by all parties, it is important to store them in a secure folder that can be easily accessed when needed. InkPaper securely stores the records in an electronic repository on the cloud using blockchain technology which provides a reliable audit trail. Startups can access the contracts conveniently at any time, from anywhere, with InkPaper.
4. Easy investor due diligence
InkPaper helps you organize and maintain all the valuable information in a contract, including value and obligations. An investor needs to inspect the contracts and documents of a startup before investing in it and valuing it. Therefore, you can use InkPaper to both maintain your records and present them to potential investors and speed up investor due diligence.
5. Convenient e-signing
Contracts are often subjected to multiple signatures. Moreover, printing, scanning, and emailing documents take up a lot of time. With InkPaper's blockchain technology, electronic signatures reduce this time-consuming step. InkPaper electronic signatures are not only legal in many countries, but are also reliable and accessible. Through the InkPaper patent-pending technology, a document can be easily signed online from anywhere. Besides startups, your customers will also appreciate electronic signatures.
6.) Onboarding a new hire
Startups can manage contracts for multiple employees and freelancers more efficiently by using online contracts on the InkPaper platform. InkPaper allows you to speed up the employee onboarding process by sending all the employee documents online and obtaining signatures quickly and conveniently. In addition, you can access all signed employee documents and contracts conveniently via the InkPaper cloud storage.
With InkPaper, a patent-pending technology platform, startups can streamline the process of reviewing contracts. Through this platform, contract reviews and negotiations can be simplified by reducing time-consuming, error-prone, and tedious tasks. InkPaper's cloud-based storage and fast contract review make it a valuable platform for startups. With InkPaper, you'll save time and work on more profitable projects. Get deals closed faster with InkPaper!