- Show the intention to sign documents
- Consent to do business electronically
Contract management software
Until recently, businesses and professionals didn’t have options to manage their contracts other than the approach of creating, storing, retrieving, and searching contracts manually. This approach brings with it the frustrations of lost or misplaced papers, the loss in productivity because slippage in service level agreements were overlooked, the risks invited because compliance slippage was not identified in time or the risk of a loss of a contract related to breach of milestone or clause. Instead, a fully automated contract management system provides businesses and professionals the capability to manage contracts in way that makes it very easy and simple.
With a full automated contract management system, you can:
- View contracts easily, quickly, have contract details and fine print at the click of a few buttons.
- Track contracts from the point of view service level agreements performance, contracts milestones, commitments, and obligations easily and quickly.
- Collaborate, communicate, and negotiate with all stakeholders through a common, automated and integrated platform where everyone has visibility of the contract details so that there are fewer misunderstandings and greater trust.
- Document assembly automates the creation of transaction-based documents with minimal data input error and with minimal duplication of effort.
- Never lose track of contracts since there are stored in a central repository
- Stay informed through alerts about non-conformance, breaches and slippages for you to act on.
Contract management software vastly improves business intelligence, productivity, and bottom line. An independent study has found that nearly 65% of enterprises report that contract lifecycle management reduces significant exposure to financial and legal risk.
Digitized signature: how does it work for agreements and contracts?
General Exceptions where E-signatures are not tenable
On record, an electronically executed cannot be denied legal effect simply because they are executed through digital signing software. The thumb rule of the matter is that where hand signatures are accepted, so are the digital names an acceptable practice. There are certain exceptions, however, where e-signatures cannot be used, in cases off
- Negotiable instruments, bill of exchange, promissory notes or a bank cheque
- Wills and testaments
- Power of attorney
- Real estate contracts, lease or sales agreement
How are electronic signatures particularly beneficial for the legal service providers?
There are a host of reasons and benefits of digital signatures that one can think of when it comes to integrating e-signature platforms as a part of the Legal Contract Management Platform. They are quick, prompt, safe, secure, and full control over the documents stored on the one-touch repository.
Under this, the user
- May store or retrieve contracts that are electronically signed and executed-Easy workflow processes in place,
- Large organizations may find it beneficial to gather, track and manage signatures or approval of documents in their repository-Hence, justifying the ease of conducting business,
- Validity, enforceability, and admissibility- Explains a transparent execution of documents.
Execution of electronic signatures: The legal perspective
While the intent here is to authenticate documents and contracts, the benefits of e-signature using the underlying technology consider the privacy, security, and authenticity of the communications that take place digitally. To this end, electronic signatures:
- Facilitates prompt and secure execution of documents,
- Carry the same evidentiary value as that of the ‘wet signature’
- Provide a smooth transition towards a paperless contract
- It has a binding effect, legal validity and may be purported as evidence before the courts of law.
