E-signing is the tip of the iceberg: Smart E-Contracts wins over Regular Contracts


November 19, 2019, 12:14 pm | Updated July 9, 2021, 11:16 pm IST
E-signing is the tip of the iceberg: Smart E-Contracts wins over Regular Contracts
E-signing a contract is indeed the tip of the iceberg. Smart E-Contracts are a formidable adversary to Regular Contracts. Smart E-Contracts look impressive to counterparts. Closing deals are quick and easy. There isn't any hindrance to signing as these contracts can be signed anywhere anytime. The sales team are motivated too with real-time feedback.
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It’s a frustrating experience for anyone waiting for follow up after a proposal for a contract has been sent to a client and what may seem like an eternity is, in fact, a protracted timescale for the client to respond. Sending a contract to a client is a harrowing experience that entails following up with clients to ensure they receive, read, agree, sign and send the contract back signed and sealed. After the vendor gets the signed contract back from the client there are a few internal formalities including obtaining internal approvals that the vendor has to follow or comply with and then the signed and sealed contract can be filed away in a safe and secure place. The entire process may take several weeks to conclude.


The entire process is time-consuming and that time could be dedicated to pursuing and closing newer business deals. The control over the contract workflow beginning with drafting and finalizing the proposal to signing the contract can be done in no time at all. The major reasons for opting for E-contracts over static contracts are as follows:


Counterparts are impressed


Common contracts aren’t time savers rather they are time-consuming and are pesky as well. Clients are unimaginably delighted owing to the fact that they don’t have to print, read, retype alterations in an email or jot down in the margins of one’s contract, scan and email the contract back to the sender; all of this is a lot of hassle when one could seamlessly manage negotiations directly through their live E-contract document.


Professional, bespoke, hi-tech e-contracts are impressive with branding and even attaching a video greeting would create a positive impact on one’s client. The screen and audio recording features are available as well for walking clients through certain sections of one’s proposal.


Close deals


It's hard to imagine working for months on coming to fruition on a client and the client ultimately agreeing on accepting a proposal. One may work for a few days on drafting and perfecting the proposal only to lose it in transit. Upon contacting one’s client after about a week to inquire whether the client received the proposal, the reply may not be what one may ideally want to hear i.e. the client indeed did not receive the proposal, let alone see it, resulting in a negative effect on one’s credibility  and one may lose one’s precious deal forever.

 

Electronic contracts are delivered electronically by clicking a button. The live editing feature enables instant feedback on proposals and in turn reaching an agreement is faster. Following up with clients via emails, phone calls, missing person reports, and so on isn’t required any longer to ensure that they have seen the updated version of a proposal. Owing to E-contracts one can ensure that one’s proposal is in the hands of the intended recipient the very moment one is through with drafting the proposal. One would be notified or intimated as to when the intended recipient received and read the proposal and also get notifications in real-time each time one’s counterpart recommends an alteration and signs.


Eliminate hinders to sign


Evolution is the key to survival in the tech age. The good old days of static contracts are history. E-contracts are not only state-of-the-art and cutting edge technology but are also essential now more than ever before when almost any item that one may require can be accessed instantly and would be at one’s fingertips.


The aspect of e-contracts that stands out is that one can sign anytime, anywhere. Research reveals that the vast majority of contracts are typically signed on Fridays and during weekends. Static contracts only permit business transactions Monday to Friday, which eliminates 2 days in a week that one could very well use to come to fruition on deals. This is the trend throughout the year but is particularly vital during closing weeks at month’s end.

 

The motivation for the Sales team with feedback in real-time without any learning curve


Any standard E-contract management tool will integrate seamlessly with one’s current systems thereby it's not a steep learning and adoption curve at all. Rather the learning curve is little to none. If one’s sales team uses Salesforce or HubSpot for example, E-contract systems permit one’s sales team to draft and deliver proposals from their preferred CRM interface itself.


Successful integrations, even populate data automatically from one’s CRM system into one’s contracts directly. One’s sales team would be able to expedite sending proposals with proposal templates thereby eliminating pesky follow-ups that require a lot of time. Vendors can follow the contract’s lifecycle and get updates from the CRM that they prefer. There is a dashboard in Smart Contract Management systems enabling sales teams to have a comprehensive overview of all generated leads, opportunities, negotiations and deals won from the dashboard view itself.


Don't be left on the wayside


In the digital ecosystem, it's one of two things; adaptability or fading away. Obviously, there is a reason behind working with smart contracts that so many brands ranging from top fashion brands and car manufacturers to SMEs are opting for E-contrcats and smart contract management tools.


Call 7604047601 for consultation with registered expert contracts and agreements lawyer on Vidhikarya.

Written By:
Avik  Chakravorty

Avik Chakravorty


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