Contracts exist to enforce the promises that are made between two or more people. As more and more companies facilitate transactions over the internet, the demand for efficient electronic contracting platforms continues to grow.
Key benefits of electronic contracts match those found in all forms of e-commerce, namely: increased speed, enhanced security, and lower transaction cost.
- Prevent any unnecessary delays in finalizing contracts resulting in improved performance
- Never have to wait for paperwork to be shuttled around (the world) for signatures before a needed contract is put in place
- It is easy to tamper with / alter / amend paper documents without your knowledge
- Electronic signatures are more secure than ink signatures
Lower transaction costs:
- Human error, such as signing mistakes, slow down the process or cause eventual costly problems, especially if initially undetected
- Don’t forget the obvious savings on items such as paper, copying, packaging, and shipping – these costs may seem minimal, but they add up