How Digital Contracts can Solve Problems of Contract Management?

The size and sector of the company don’t matter when it comes to legal agreements. Every type of organization needs to get into one or another contract as it is a part and parcel of their daily business. Any relationship of business with its partners, customers, employees or suppliers is not established without a contractual agreement.

Every company is different and unique but their contract management challenges are common. Contract management has several challenges that can slow down the progress of your company. E-contracts were introduced with the aim to eradicate these problems. Want to know how digital contracts can solve problems of contract management? Read this article to know the problems faced by enterprises and how digital contracts are helpful in reducing them.

Digital contracts- The Solution

Following are 5 major challenges faced by companies in contract management and how e-contracts are the perfect solution:

Less Time-Consuming

The execution of a contract involves various processes like drafting, negotiation, and signing. These steps are lengthy and time-consuming. Individuals and companies need to draft the long legal document in written form. After drafting, the parties involved need to meet physically to discuss and negotiate the clauses of the agreement. If the terms and conditions still need some modification, they meet again and again to make changes until they come to a common conclusion which wastes a lot of time. When the final modification has been done, parties meet face-to-face for the final time to sign the contract.

As you can see, all these meetings and modifications consume an ample amount of time of people. It would be smart to look for a time-saving option. This is where digital contracts come as a great helping hand. There are multiple pre-defined templates available, where you simply need to choose one depending on your requirements. Then you fill your details, sign and your contract is complete. This makes e-contracts less time-consuming as well as easy to use by anyone and everyone.

Easily Accessible

When organizations make deals in paper agreements, they are all often kept together safely in one place. But after some years when people try searching for a specific document, it is difficult to find. Finding and searching of archived paper documents is again time-consuming, complex and clumsy task.

Again, digital agreements have the potential to solve this problem. Some e-contracts platforms such as Feelium E-contract, provide the facility to store all your legal documents at a single place. So, whenever you are searching for any particular document that you signed a long time ago, it can easily be found without wasting any time.

Secure

When you make your agreement on a paper, there are a maximum number of chances that the other party modifies it. Signing a paper document puts you in a risk that the other party can make changes in the terms and conditions that you have earlier agreed upon. People can even make illicit use of your signatures. These things can put you in a risky situation.

Hence, to avoid such conditions you should opt for electronic contracts. Here, to sign the documents, you are required to use your digital signatures, that cannot be misused. Also, the agreement is sent via email, so the only person with whom you have shared can only see it and suggest changes. No other person gets the right to see it and make modifications too.

Unnecessary Legal Review

Another thing that slows down the process of business agreements is the legal review. As a result of which, people often try avoiding legal review in the contracting process. Every time when there are modifications done, legal review is required in the legal documents.

However, in electronic agreements, the available templates are created by legal professionals who draft it keeping in mind the law and order. So, you are free from legal reviewing the document over and over again. At Feelium E-contract, you get legal experts too, who are there to guide you during the whole process of contracting.

Defining and Tracking Costs

Mentioning and tracking of the cost in the legal document is a major issue, especially in the case of government contracts. Keeping records and cost accounting manually is not safe as they never allow the client or contractor to have a proof or document of the project’s budget. If any changes are made in the terms by the government for their benefit, then the client may never get to know about this and thus, get into a loss.

At this place, a digital contract is helpful because it is drafted, signed and kept online. It is shared with both parties so, the other party also has the proof of deal. Electronic documents provide excellent transparency and tracking of costs. The government cannot make any modifications in it so, you are safe from loss and fraud.

All these are benefits and solutions that an electronic agreement provides to the problems of contract management of the organizations. You can make use of multiple pre-defined templates available at Feelium E-contract. At this platform, you are only required to choose a template based on your needs and start your contracting process. There are various advantages of using electronic agreements over paper documents such as they are easy to use, secure, less time consuming, provide transparency, etc. In addition to this, traditional contracts are liable to errors that are difficult to trace and remove. Hence, choose digital contracts for all your legal requirements.