Closing The Loop: Electronic Signature in Contract Lifecycle Management

Closing The Loop: Electronic Signature in Contract Lifecycle Management

As Electronic Signature (eSignature) increasingly grows in popularity to execute agreements like commercial contracts, financial transactions, and other important documents, it is less seen as a nice accessory and more as an integral component to the overall contract lifecycle management (CLM) process.

Full Integration

Although generally at the end of the deal cycle, an eSignature function that is built into a comprehensive automated document management tool adds value to the entire CLM process.

A robust solution not only offers its own signature tool, but also simple integrations with popular eSignature software.  

eSignature fits smoothly into Automated Workflows and Approvals. When the signature Stage arrives after mandatory Approvals, a document will be automatically sent to the signatories in a predefined order. The steps leading up to the actual signature, including how long between receipt and execution, are recorded, along with other key document metadata in an Audit Trail. Additional information relating to the signature, including signatory contact information, signature date, and more is captured and added to the Document Record.

Enhanced Security

Electronic signature solutions that do more than apply an image to a document add additional layers of security. Authentication certificates unique to the signatories reduce the risk of forgery. Heightened levels of security can be found in Biometric Electronic Signature solutions, some of which can capture up to 5 data points without sacrificing any of the speed or convenience of a regular eSignature solution.


Accurate, Efficient, and Fast

For organizations seeking to go paperless either to reduce their environmental impact, or to stay more organized the use electronic signatures to avoid unnecessarily printing out documents. 

A fully integrated eSignature solution sends the mutually agreed document to the parties for signature. And all the details of the signature process are captured in your document management tool’s Audit Trail.

Obviously faster than fax or mail, eSignature transactions are nearly instantaneous. Once the parties agree to sign, the party is made available for signature with both parties able to stay updated on its status. Although email may be used as a substitute, email does not guarantee that the correct version of the document will be signed, nor is the information about CLM process stored in a Document Record.

And although email is often used in the final stage of a CLM process, transmittal via email will not be captured and there is an increased risk of incorrect versions of files being sent for signature.

Safe, secure, and accepted in courts of law, electronic signatures still allow parties the flexibility of to creating “hard” printed copies on demand.

Which industries benefit from eSignature?

  • Accounting & Tax – Engagement Letters; Financial Notes, Power of Attorney forms; Financial Reports
  • Real Estate – Brokerage Agreements; Property Purchase Agreements; Escrow Agreements
  • Construction – Construction Agreements; Forward Purchase Agreements; Property Purchase Agreements
  • Banking and Finance – Framework Purchase Agreements; Debt Transfer Agreements; Commercial Contracts; Credit Applications, Banking Applications, Vehicle Financing, Loan Applications, 
  • Legal – NDA / Confidential Agreements, Legal Agreements
  • Retail – Master Service Agreements; Confidentiality Agreements; Lease Agreements; Vendor / Supplier Forms; Commercial Contracts
  • Staffing – Engagement Letters, NDA / Confidential Agreements; Non-Compete Agreements; Power of Attorney forms

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