Getting all parties to sign a contract is often difficult and time consuming, and when you add long waiting times to the equation, it all creates doubts, new revisions, re-negotiations and documents that have to be sent back and forth. In this way, a small practical issue often ends up as one of the biggest obstacles towards the done deal. To avoid such an unnecessary problem, industry leaders added electronic signatures to their box of digital tools. They are a great way to save time on your contractual work, shorten the time-to-signature, increase the closing-rate and spare the environment.
A digital signature, or electronic signature, is a digitized signature used to verify a signer’s identity. As with any other type of signature, the purpose of a digital signature is to ensure that the signer is identical to the person he or she claims to be. The advantage of a digital signature is that a signatory can sign a document quickly and easily. You are then able to avoid the convoluted routine of printing and scanning documents. Instead, you can use Adobe, National Identities or private sector products such as Contractbook’s digital signature that employs a two-step authentication process through email and mobile. With such a smooth process, all parties spent only an average of 30 minutes of practical work each, it reduces the time to signature by up to 90 % and increases overall the closing-rate by 17 %.
Whether a digital signature is valid depends on where you are doing business. In most countries and jurisdictions, a digital signature has the same legal status as a pen and paper signature. Get a complete overview of where digital signatures are legally valid in the E-book.