Every transaction is bound by terms of agreement that form the main components of a valid contract. For a contract to be executable, it needs to be signed by both parties who agree to the clauses within the contract they are signing, with their will and without any form of coercion. A witness signature is mandated in most countries under their mercantile law.

Contracts are necessary in every aspect of daily living such as rental agreements, offer letters for a job, promissory notes, business contracts to pay or supply within stipulated time, etc. Owing to the efficiency of the digital tools eContracting is taking precedence over traditional contracts.

The generational shift that the current population experiences is not even a chip from the baby boomers’ lives who took fewer risks and did not believe in spending beyond the means. Then came the dot com rush and other elements of economic growth that led to the average person spending more. This was good, but then there is one downside. People stopped having enough time. Cashing on these pizzas was first home delivered, and then everything is being delivered to a person right at the comfort of their couch, including loans. The shift led to eContracts that can be digitally signed by two parties to a contract. With security that is more complex and unbreakable than the hitherto traditional counterpart, eContracts have taken over the tide of every transaction, specifically lending, and closings. This is right because the benefits a contract offers give a fitting case for the replacement of traditional contracts with digital versions. Here are a few prominent advantages that will rest the case:

Higher Efficiency

The efficiency of eContract is exhibited through its speed of retrieval when it needs to be accessed, where the terms of the agreement have been pre-fed in the context of the contract. The agreement is not completed without the closing signatures of the parties where their ID and signature are verified as they will be using eSignature, a dual verification platform that is integrated into the contract. So there is no risk of missed signatures that need to be available in all the requisite columns. The entire process of the contract is a mighty process for certain transactions like a closing. A traditional contract with a hard copy will be a time-consuming affair because of the sheer length of the document.

Error Free

Lengthy documentation will always bear the risk of human errors. The omission of trivia can lead to a void contract and a waste of time in preparing a new one. The platform for eContracts has features that check for inconsistencies or missing information that are alerted and prompted to complete before closing the document.

Less Operational Costs

The storage of traditional contracts attracted overheads like rent for warehousing and security personnel’s salaries. The platform fee for eContracts is a fraction of these expenses and covers all the essential features.

Conclusion:

As times have changed and everything is app-based in terms of how we function in our daily lives, eContracting is the only relevant option for every person who needs to sign any contract.