It is important for an effective contract management system to include an ability that supports electronic signatures. The free electronic signature software has three main benefits which include increased contract speed, lesser transaction costs, and much more security. 

What are Electronic Signatures?

The term electronic signatures signify an electronic sound, process, and symbol that is either attached to or logically associated with a contract or other record. It can be executed or adopted by a person who has an intent to sign the record.

Benefits of Electronic Signature:

Increased Contract Speed:

Electronic signature can avoid any kind of delay in the process of finalizing contracts that result in enhanced performance.

The professionals in any field have a lot on their plates. In this scenario, they shouldn’t have to wait around for the paperwork to be sent around for signatures before a contract is put in place.

The electronic signature that comes into the picture makes the process of contract execution much better and quicker.

Better Security: 

Another big benefit of electronic signatures online is that there is no worry about security than paper which can be tampered with easily.

With the help of e-signature software, important documents can be signed safely. It can become possible for the software to detect small changes and record more data points as compared to paper.

Reduced Transaction Cost: 

Other than the cost savings, the automated process of electronic signing can also help in reducing the financial impact of human errors such as common signing mistakes that slow down the process of document management.

Electronic signing software helps in reducing all risks by providing alerts while managing a contract.

Electronic signature is reliable: 

Electronic signatures created with the Digital and Population Data Services Agency's technologies are trustworthy. They guarantee the signed information's origin, integrity, and indisputability.

I. About who signed the document.
II. No one changed the signed information later.
III. That the signatory cannot dispute making the signature or claim that changes were made to the document afterwards.

Less paper – an environmentally friendly choice: 

A document that has been electronically signed is also handled electronically. Because the document does not need to be printed, there is no need to think about its physical storage.

To ensure that the document is safely stored for an extended period of time, various electronic workplace solutions can be implemented. Reducing the amount of paper used is another environmentally responsible option.

Method of signing across borders:

When papers must be communicated across borders, such as in the context of contracts or competitive tendering processes, electronic signing is a quick and efficient technique. 

The eIDAS Regulation governs electronic signatures in the European Union. A qualified electronic signature (QES) is recognised throughout the European Union.

It is legally binding and unarguable in the absence of other evidence.

Working of E-signature Solution:

Any time when a business wants to implement an electronic signature software, it becomes important to digitize existing documentation and convert it into a recognizable document.

After this process gets completed, the businesses can add an e-signature solution to the digital document.

From this point, an organization sends the document to the signer and also requests an electronic signature.

The signer also follows the process needed to create a digital signature and this process differs based on the software used in the online document signing process.

Once the document is signed using the signer’s unique electronic identification, it cannot be changed.

Any attempt to change the document will invalidate the use of signature requiring the signer to complete the process again after changes to the document are reviewed properly.

Objectives of E-Signature:

The concept of an electronic signature is to complete quick process completion as compared to handwritten signature online requests.

The electronically signed documents are known as legal replacements for handwritten signatures.

They reduce paper waste and are very easy to store as well. These signatures reduce any printing and mailing costs that streamline the contract workflows.

Finally, the online signatures are simple to change and they remarkably reduce the burden of contract negotiation before signing.

Concept of E-signatures:

The concept of online signatures is nothing but to offer a solution that helps people close contract deals quickly.

No matter what the documents might be for, one can sign them officially in a matter of seconds and pass them on for completion.

Conclusion:

With the use of on-line signatures, you can reduce the burden of creating, sending, signing, and maintaining multiple contract files.

The software is available at an affordable price and also offers a wide range of options that help in solving personal and business needs.