importance of e-contracts in business

Digitally empowering commerce: e-contracts

People in former times used to make deals that were way different than the current era. People went by the value of one’s word and had verbal agreements, which were to be honored for a time or until the end of their lives. One of the reasons for businessmen and entrepreneurs of the previous era adopted the word value was the lack of resources. With the evolution of humankind and the professional sphere came technological advancement and more resources. The deals made in these times, even though set on mutual grounds, break. There is a lot of discrepancy in terms of notions, ideas, businesses, concepts and much more. To prevent both parties from hefty losses, we have lawsuits, and the current crisis befallen the nation in the form of a pandemic has only revolutionized the legal processes, documents, and contracts. Contract preparation, negotiation and contract signing have now become a vital part of building relationships completing business transactions and keeping a brand afloat. Contracts are looked at as a guarantee to protect both parties if their expectations aren’t met, further sealing the deal with a price that will be paid for the services. Understanding the importance of e-contracts in business is therefore very significant.

The Pandemic Problem!
With the outbreak of COVID-19, the corporate industry is being largely impacted, leading the sector to change its work-approach and adapt to the situation. Millions of people are under mandatory or voluntary restrictions or quarantine, limiting their in-person interactions with others, to reduce the spread of the pandemic. They are working remotely and thus dependent on technology and virtual meetings heavily. This is further leading to concerns being raised about the validity of electronic signatures. Since the courier services are affected and are not serving in areas that are adversely impacted. In such circumstances, there remains a very limited chance of physical delivery of documents, ultimately delaying the signing of the agreement and thus creating an obstacle for businesses to run smoothly. The best resort henceforward is to adopt a digital process for preparing and signing contracts to ensure a smooth business transaction and keep them operational. Businesses these days are requiring solutions to digitize contract creation, signing, and management to remain relevant in their respective fields and eventually grow out of the situation to gain momentum. This is where Volody steps in to aid the industry. 

The Solution
Signing contracts & agreements entirely in an electronic format or having them witnessed or validated remotely is not only convenient but is also becoming more and more of a necessity as a preventive measure to safeguard one’s health and Volody helps you just do that. The pandemic has encouraged verticals across various industries to step out of their comfort cocoons and change their work approach. The need of the hour is to take a digital plunge to survive and sustain the business while maintaining the social distance. Encouraged by government and authorities as well, it’s time to go digital and focus on the mutual vision of an Aatma Nirbhar Bharat as we adapt to the new normal. It’s time for the corporate sector to embrace the future-forward technology and thrive on it. 

Volody is a pioneer in Contract Lifecycle Management (CLM) software since 2016. Our innovative AI-powered software automates tasks, extracts insights, & improves efficiency. Volody has delivered exceptional results for numerous firms, including small businesses & Fortune 500 companies across the globe. In the fast-paced world of CLM software, Volody stands as a consistent innovator & a partner you can trust.