Traditionally, parties involved in a business expressed their intent of being bound through signing a document with their names marked in wet ink. Any trade name or even assumed name, a word or a simple mark utilized in place of a written signature was considered valid. This kind of handwritten signature set in wet ink is a unique mark which is seemingly a foolproof means to authenticate the signer and identify them.
Thanks to the new age technology now and the modifications in law, handwritten signatures are no longer the sole manner to carry out a business. Now people have the option of electronic signatures or e-sign solutions for signing documents.
What are E-Signatures?
Electronic signatures or e-signs are electronic markers that are attached to a document. If you conduct business online, these e-signature software can be a cost effective and efficient way to do it. Using electronic signatures in documents or contracts aids to reduce the overhead cost of stationery like paper copies and similar such expenses which are associated with a traditional form of transaction involving paper documents.
Electronic Signature for B2B contracts
In the past few centuries paper based contract and document signatures have monopolized the way of businesses adopting a contractual relation with one another. With the advent of electronic signature software, replacing contracts based on paper with B2B (Business to Business) electronic contracts has become a possibility. This demands an appropriate technology and a thoroughly enabling legislation that are detrimental for this change to occur on a mass level.
Taking into consideration the technological front of e-sign software, this feature has enabled business executives to simply sit at their computers and conveniently sign contracts to multi-million dollar deals in no time. At the legal front also, various legislation compositions have been enacted and many national and international policies developed to award legal recognition to such type of contracts.
The benefits of B2B contracts through e-sign software are also manifold. Not only do these introduce convenience of place to sign the documents but also allow the whole process to get completed quickly. Apart from this the easy tracking ability of the contract, proper authorization and security ensure the safeguarding of these documents besides forming a strong base to be produced in a court of law as well.
Conclusion
Owing to their vast range of benefits, electronic signatures are of immense help to B2B contract processing. Hence, for any new age business, it is a very advantageous practice to adopt for a advanced and fruitful business.
Original Resource: How Electronic Signature is Useful in B2B Contracts
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