Four Benefits of Integrated E-Signatures in a Contract Intelligence Platform
We’re happy to announce that we now offer direct integration with Adobe Sign in order to further streamline every step of preparation and finalization of contracts.
You can go straight from drafting clauses in Evisort to signing the document in Adobe Sign, and back to Evisort to manage the executed contract. We also have some thoughts on why you shouldn’t go without an integrated e-signature feature.
When you’re negotiating and managing hundreds or thousands of contracts, you may not spend much time thinking about signing them ”” but the execution is arguably the most important part of the process! After all, without recognition by both parties of the agreement’s finalization, you don’t have a contract.
What can go wrong with such a simple step? A lot.
People can send emails ”” and their attachments ”” to the wrong saved contacts. Couriers can fall behind schedule. A pandemic can suddenly interrupt planned business meetings around the world. And fax machines offer no protection whatsoever.
So what’s the best alternative? How about having e-sign features built into the software you use to manage your contracts? The added convenience and security of e-signatures lead to better signing experiences for all parties involved in the contract negotiation process.
In case you don’t already know, there’s no need to worry about whether documents signed virtually are legally binding. Digital signatures have been legally valid in the US since 2000 under the United States Electronic Signatures in Global and National Commerce Act (E-Sign Act).
The Act defines an "electronic signature" as an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record. It can be a handwritten signature made on a tablet or mobile phone with a stylus or even the signatory’s finger, or just the signatory’s name in plain text, entered with the intent to sign.
Here are four key reasons why you should stop sending documents to signatories the old-fashioned way and use a contract intelligence platform instead.
1. Achieve Immaculate Version Control
Have you ever received a revised draft of a contract from the other party, along with a redline...that didn’t actually show all of the changes they’d made? If you use a contract management system with integrated e-signatures, you don’t need to worry about that anymore.
There isn’t a way for counterparties to try to slip in edits undetected just before everyone executes the contract. If they want to alter the agreement, they’ll have to propose changes in the system. You’ll see those requested edits, and you can choose whether to accept them, reject them, or keep negotiating before you sign.
2. Regulate Exactly Who Can View and Sign
If you email a contract for execution, it’s harder to confirm the identity of the signatory ”” not to mention mailing physical documents or sending a fax, if you’re still doing that. You can protect a document with a password, but if the password is compromised, then there’s still a risk that someone other than the intended recipient will be able to access the contract.
If you require parties to electronically sign documents directly within your contract management platform, conversely, you can rely on additional security measures such as two-factor authentication in order to reduce the chance of important documents falling into the wrong hands.
The contracts can stay secure in your central repository instead of sitting in email inboxes and on an assortment of hard drives, and you can rest assured that only the appropriate people will be able to get in.
3. Save Time and Money While Social Distancing
With integrated electronic signatures, you can simply send a document to each party for execution as soon as they’ve finalized the terms of the agreement.
There’s no need to meet in person or to mail physical documents, eliminating the wait and costs associated with printing, travel, and shipping. The party hosting the document sends a signature request, the other party views the document online, and if the contract is satisfactory to both parties, then they can complete the digital signing process.
As an added benefit, digitizing the signature process obviates the need to worry about social distancing or handling materials that have been who-knows-where.
Internet access and automated email notifications won’t be disrupted by stay-at-home orders or office closures. Parties can access electronic documents on their computers or even their mobile devices, streamlining the act of executing the contract.
4. Integrate with Your Chosen Tools
Given the number of different software platforms business teams use on a daily basis, it’s always helpful when those tools cooperate with each other.
Evisort works with leading e-signature platforms, like Adobe Sign, to facilitate their execution regardless of your choice of software.
Evisort offers an end-to-end solution for contract lifecycle management, from creating templates to drafting, executing, reviewing, and managing agreements.Ready to learn more about the security and convenience of Evisort’s suite of integrations? Schedule a demo today!
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