Wondering what an electronic contract is? If your company handles different types of documents that need to be signed either by you or other professionals, the waiting time can be days, hours or even weeks. And even more so if the documents have to be sent to other locations, generating time delays and increasing transportation costs.
In this context, we will explain what is an electronic contract and how you can make the most of it thanks to the solutions offered by Viafirma.
What is an electronic contract?
An electronic contract or E-Contract is simply a legal contract that is created and signed online, digitally.
These electronic contracts are created and stored online, replacing the paper-based models traditionally used by organizations to operate and generate revenue between parties.
As mentioned above, this contract must be signed telematically by means of an electronic signature software admissible before any court of law.
4 main advantages over the traditional contract
The following are the four main advantages of the e-contract
- Cost savings. Eliminating any travel and printing costs, and contributing to a more sustainable environment.
- Time savings in digital processes. Paper contracts can ruin a job proposal or a sale by the mere fact that the potential customer needs more time to read, receive, consider and sign a contract.
- More secure. Paper documents can be easily modified at any time. Once electronically signed and the Viafirma time stamp is added, the document cannot be altered later.
- Fewer mistakes. Allows participants to view and modify contract terms digitally via a web page before signing, fostering a more collaborative environment where both parties can draft the contract and agree on business transactions without the need for travel.
SPOILER: Viafirma allows you to digitally send your contracts for the signature of third parties without requiring an electronic certificate from any of the parties.
Legal validity of the electronic contract
Law 34/2002, of July 11, 2002, on Information Society Services and Electronic Commerce (the Internet Law) regulates this type of transactions. Thus, article 23 of this law stipulates the following:
Contracts entered into by electronic means shall produce all the effects provided for by the legal system, when consent and the other requirements necessary for their validity are met”.
Therefore, if there is consent of the parties, there will be no legal impediment for it to be concluded online.
Accelerate the closing of electronic contracts with Viafirma
There is no doubt that the current healthcare crisis has boosted the demand for digital services of any kind, forcing companies to make a technological effort if they want to remain competitive in their sector.
So much so that now customers and end users have become accustomed to intuitive and simple digital solutions to carry out online procedures. Fortunately, electronic signature tools such as Viafirma’s allow to sign and send electronic contracts from any device and place.
In addition, our cloud-based software allows you to configure and save templates so you don’t have to upload the same document to sign, speeding up the finalization of agreements with clients.
Finally, it is suitable in face-to-face and remote scenarios, where we recommend the use of biometric signature or SMS OTP respectively; offering very high levels of security and legality.