eContracts vs Traditional Contracts: Why You Must Go the Digital Way?
Technology has made a strong foothold in service as well as product industry. Needless to say, with the advent of technology, processes have become easy, paperless, and less time consuming. Even with contract drafting, since everything is available digitally, going back and thinking about the entire process of drafting, printing, and mailing physical copies to people feels like a handful now. However, before you switch to electronic contracts from the traditional ones, it is important to know why you must go the digital way. Here’s some help.
- Save more time
Be it a startup or a multinational conglomerate, time is money for everyone. Getting things done efficiently and in the most effective manner can be a game-changer for businesses. When it comes to contract drafting, numerous modifications are inevitable. And when you go the traditional way, printing, signing, scanning, and sending the contract after each modification can hamper efficiency and consume a lot of your time. This is where econtracts can come to your rescue. Modifying contracts digitally can save all the parties a lot of time and the entire hassle of printing and scanning process. Besides, you cannot overlook the additional freedom of econtracts which allows any party to view and sign the contract from anywhere and anytime.
- Lesser scope for errors
While drafting contracts the traditional way, there remains a lot of room for errors. The chances of discrepancies occurring in a traditionally drafted contract are higher since errors are more likely to take place. These errors, if overlooked, can lead to major legal disputes later. But with electronic contracts these errors can be eliminated with automation. The likeliness of any typographical errors is reduced significantly in econtracts and thus, all manipulations can be caught easily.
- Reduced operational cost
The traditional contract drafting methods can involve a lot of time and efforts. Besides, the material cost which goes into printing and papers is not something that can be ignored. All this can make the cost of drafting a contract to go up significantly. But when you go for an econtract, you do not have to worry about these additional costs and thus, you can get your contracts made in a more economical way.
- More safety
Since there are higher chances of errors occurring in a traditional contract, it also means that chances of manipulation and safety breach are also high. But with digital contracts, this problem can be taken care of. At Contract Bazar, all the data input given by you while drafting an econtract, is secure and cannot be tampered with. Any changes that you wish to make to your contract can be done online and in a hassle-free manner.
- eContracts bind both the parties legally
eContracts are documents that bind two parties legally under a common law. These contracts can be easily signed by the parties without having to compromise their privacy. They can sign the contract from anywhere, without having to be physically present with the other party.