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In today’s digitally dominated business world, the development of electronic signatures has changed the way that agreements and transactions are finalized. Electronic signatures give people the ability to sign documents on digital devices at any time, in any place. Electronic signatures are highly efficient and provide business and industry leaders yet another technological advancement to leverage for the purpose of increasing productivity and reducing turnaround times.
Electronic signatures and digital signatures are used for contracts and legal agreements. There are various laws to govern the legal implications of these signature types worldwide. In the United States, the US Congress legalized electronic signatures with the Electronic Signatures in Global and National Commerce Act (ESIGN) in the year 2000. Several countries followed suit and began to legally adopt a form of electronic signature.
Using electronic signatures is an internationally recognized standard practice due to the simplicity and speed this signing method provides. E-signatures are legally binding – but how and why? As a business professional, it’s important to stay informed of the latest trends in technology so you can continue to up-level and revolutionize your business.
Adopting an electronic signature solution into your contract management system supports your business in several ways. Make the signature step of contract lifecycles seamless, accessible, and far more efficient for all parties. With today’s technological advancements, there are several electronic signature solutions to choose from that can help you gain the upper hand against your competitors. For maximal efficiency and increased speed, implementing the best online contract signing software is a necessary step to take.
Contract signing is one of the most important processes in contract management. Today’s electronic signature technologies revolutionized that process. Electronic signature capabilities are essential for an efficient contract management solution.
A contract is only valid when all parties involved signs the agreement. Only with a valid signature does a contract have legal standing. Many contracts involve negotiations before signatures. At a time when minimizing human interaction is of great importance due to Covid, contract negotiations face-to-face amongst parties and contract signing on physical paper with ink becomes a lot harder for all parties. A solution is to digitize the contract negotiation and signing processes to completely take place on a virtual platform.
Law firms of all sizes use law practice management software (LPMS). LPMS is used by lawyers, paralegals, secretaries, and even clients.
The electronic signature is the future of enterprise software solutions. At a time when maintaining physical distance is of top priority, businesses can smoothly carry out their processes using e-signature capabilities. E-signature capabilities are also the most convenient innovation of this digital age. Businesses are now capable of operating and managing from smartphones. Printing out a document just for signing could be inconvenient and time-consuming. Digitalization and mobility are pushing enterprises to adopt electronic signature capabilities.
The ESIGN Act is a federal law passed in 2000. It allows an electronic signature (eSignature) to be considered as legal as an ink signature on a piece of paper. Two decades later, there are a myriad of options for eSignature. DocuSign has the largest market share, with approximately 74%. However, it is not the only top contender.