Contracts are a life source of any enterprise. It serves the purpose of generating revenue. They were usually stored in file cabinets and didn’t surface unless they were a cause of disputes or, worse, litigation.
The COVID-19 pandemic changed how contracts are produced and disbursed. Instead of printing contracts, faxing and mailing them for approval, and making revisions to the content, contracts have turned digital. Digital contracts are clear and transparent while mitigating their risks.
Prior to digital contracts, companies had to deal with fines, late fees, and compliance blind spots. Contract management has become simple and comprehensive with the onset of digital solutions. The right business document format opens various opportunities for an enterprise. Hence, many businesses trust portable document formats (PDF).
But Why PDF?
Documents are the core of sharing information in an organized manner. Though firms are slowly transitioning to a digital workplace, some habits are hard to beat. Most workplaces use Portable Document Format (PDF) as their preferred format. Documents are converted to this format due to its ease and security features. The format is versatile and finds use across different industries for distinct purposes for easier content distribution.
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What are the advantages of PDF files over Word?
PDFs help enterprises streamline workflows, disburse content, and be professional.
- Highly Convenient – PDFs are highly convenient to read and use. Most popular document formats have support to be converted into PDFs. It also helps in delivering information promptly through e-mails.
- Portability – PDFs, as the name suggests, can transport information quickly. It is also compatible with most devices, allowing businesses to view contracts conveniently.
- Save on Storage – PDF files are compressed to save on storage space. Its compression algorithm helps meet space limitations, attach documents to e-mails quickly, and save time.
- Security Assured – PDFs can allow users to insert watermarks on their content to protect it from being plagiarized. Furthermore, it had password protection as its security feature to protect sensitive documents from prying eyes.
- Compatibility with Web Elements – PDF files can include web links, footnotes, images, and shortcuts to rich media. Hyperlinked content can be opened within the document format, making it convenient for firms to store maximum information.
- Electronic Signing – PDFs were the earliest documents to support electronic signatures. It encouraged the use of digital contracts among firms to trade and scale. This helped firms to move away from paper documents to digital documents.
An Introduction to eSignatures
Electronic signatures or e-signatures find applications in automating the signing process and creating digital documents. Since businesses of all sizes are inclined towards reducing costs and boosting profits, utilizing eSignatures emerges as a favorable strategy for digitally executing contracts and accords. This approach assists in the optimization of workflow procedures, improves the rapport between employees and employers, expedites onboarding, and facilitates a positive digital encounter.
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Why Contract Management Needs eSignatures and PDFs?
- Digital Contracts: Digital contracts help include changes to the contents of documents to ensure they satisfy the conditions between business partners. They assure that businesses accede to the conditions for fair and equal rewards. It helps prevent a breach of trust. E-signatures contain real-time trails containing the history of any document modifications or alterations.
- Proof of Details: PDF contracts contain proof of details that both parties have agreed on mutual consent. It can stand as evidence in case of a legal dispute. Electronic signatures that are applied by both parties on digital documents count as their consent and are accepted in place of wet signatures.
- Prevents Misunderstanding: PDFs contain terms and conditions agreed by mutual consent by both parties. The digital format is proof of their adherence, which is further cemented by eSignatures. It also prevents disputes between parties and minimizes the risk.
- Assures Confidentiality: Digital contracts in PDF format contain security measures to prevent data breaches. Furthermore, clauses in digital contracts that ensure confidentiality between the parties and avoid disclosure of sensitive information will ensure they uphold the contract.
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