Contracts exist to enforce the promises that are made between two or more people. As more agreements happen in non face-to-face environments, 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.
- No need 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 errors, such as signing mistakes, slows down the process and causes contracting costs to increase.
- Don’t forget the obvious savings on items such as paper, copying, packaging, and shipping.