Contracts and agreements have always been signed on physical paper by the parties involved. In recent years, electronic signature has fundamentally changed how contracts are generated. Using an electronic signature has significantly changed the efficiency of how businesses operate. Additionally, several electronic signature businesses have sprung up to meet up this challenge. pdf.co is an example of such a service provider that allows businesses to seamlessly integrate electronic signatures for their contract requirements.
As the use of electronic signatures increases, how contracts are developed has completely changed. Some of the changes that electronic signatures have caused are highlighted below.
Modification of Legality
When electronic signatures were first used for contracts, legality was the main issue. Gradually, many authorities and countries have accepted its legality with a few exceptions. Each country or region (e.g., Europe, America) has created a set of standards for an electronic signature to be legal and to be used on a contract. In general, most regulatory bodies across different countries have similar requirements for use of the electronic signature. These include the intention to sign from parties involved, consent, and data audit.
Electronic signatures have made contract documents more secure. Once a contract document is signed by the parties involved, it becomes secured by a powerful encryption algorithm, which protects it from modification. As a result, the parties involved are always sure that the contracts between them are not tampered with. Also, in the event of a natural disaster or a fire outbreak, a business does not have to worry about losing documents as such files can easily be stored on cloud systems.
Efficient Contract Management
The use of electronic signatures has extensively increased the efficient management of contracts. Most electronic signature service providers give clients an easy to access storage system that seamlessly works with most workflow applications. As a result, both internal and external contracts can be viewed, reviewed, and modified with ease. More so, a large number of people can be involved in managing a contract that is defined by a single contract document. The best part is that it makes remote work easy and doable.
Increased Business Opportunities
Businesses have been able to secure more jobs while using electronic signatures for contracts. Several business opportunities have gradually become accessible to businesses because of how easy it is to draw contracts with clients. This shift is much more beneficial to technological businesses that mostly provide services via the internet. Therefore, a business owner can provide any type of service to a client without necessarily ever meeting them physically. Nonetheless, both parties are confident of being covered by the contract between them.
Improved the Image of Businesses
Businesses that use electronic signatures tend to project a better image than other businesses that do not. Many clients are much more inclined to work with businesses that are innovative and utilize technology for their activities. It gives their clients the impression that such companies are ready to provide cutting-edge services that are aligned with the demands of the 21st century.
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