E-Signatures….The New Norm for Contracts?

One specific area that you should consider is how technology has affected the negotiation, drafting and signing of contracts. While this process can still be painstaking, getting a finalized copy of the contract is now just a click away. The use of electronic or e-signatures on your agreements allows you to quickly obtain the other party’s consent to the contract. It saves time by eliminating the need to print, execute and scan the document. The use of e-signatures also allows your in-house counsel to confirm that the contracts maintain their original form while being stored within the electronic system. This is beneficial when it comes time to conduct an audit, as well as allowing the contract to be searchable.

E-signatures also allow the parties to execute documents while they are away from the office. As long as the parties have internet service, they can digitally accept the terms of the contract with just a few clicks on the computer. And, due to the passage of federal and state E-sign laws, all U.S. jurisdictions accept e-signatures as legally binding.

Along with the convenience and other benefits e-signatures provide, you must also implement policies and procedures governing the use of e-signatures. In other words, it must be clear which employees have the authority to submit e-signatures and under what circumstances. Additionally, your IT department should be trained and fully informed regarding the new procedures and tools you are implementing.

When used properly, electronic signatures can make your business more efficient while also creating a system for managing and searching your records and contracts.

If you are interested in learning more about e-signatures or how we can assist you with your business-related needs, contact the knowledgeable lawyers at The Swenson Law Firm to schedule an appointment.

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