eSignatures to Help Business During Coronavirus Outbreak
The coronavirus outbreak may make businesses unwilling to arrange in-person meetings and to sign contracts pen-on-paper. eSignatures can prevent companies from being under financial pressure while facing challenges when trying to uphold their contracts.
The spread of Coronavirus (COVID-19) is having a dramatic effect on businesses and individuals requiring many to work from home.
This has raised the question of whether remote contract signing is a necessity rather than just something good to be implemented within the company’s processes.
With many businesses reviewing the practical and legal limitations of eSignatures in light of COVID-19, we thought it might be helpful to set out how eSignatures work in order to keep the business running during the outbreak.
The Challenge of Signing Documents Whilst in Isolation
Many regulated businesses (including legal firms) must retain documentation in a secure IT environment. Hence the potential challenges around signing contracts validly and effectively in circumstances where signers are in separate locations or are self-isolating.
Despite the crisis we’re facing, the delay of our economy shouldn’t be considered at all, and businesses must find ways to work around these practical problems.
Further concerns related to the Coronavirus include financial difficulties. Even though governments set to unveil new measures to support the economy, and banks are providing emergency loans to businesses that are struggling with cash flow, adopting digital solutions is crucial to ensure business continuity in the event of economic uncertainty.
Fortunately, there are already many technologies that can solve these challenges.
A legally binding electronic signature solution allows authorized signatories to execute documents online on their smartphones or laptops.
The system avoids a “wet ink” method of executing documents, as well as printing and scanning. Moreover, each document provides supporting evidence, including the time and date of signing and even the signatories’ IP address.
While many legally binding and secure electronic signature solutions have been available on the market, companies’ skepticism has delayed deployment. Nevertheless, the current situation requires business flexibility, even where it’s not possible for home working.
Although not all organizations have taken full benefit from the digital transformation, the ability to sign documents without the need for physical post, and the risk of infection seems to make eSignatures rapidly widespread.
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Electronic Signatures Checklist
When looking to use eSignatures during the Coronavirus outbreak, the following checklist can help:
- Complies with the Regulations That Are Relevant to Your Organization
- Works with Your Existing Content and Workflow Management Apps
- Allows signing documents and forms entirely online – via the web and mobile devices
- Keeps your sensitive documents inside your IT domain
Suitable for Your Mobile Device
- Is user-friendly and self-explanatory to make work easier for you and your employees
- Cost-effective when it comes to achieving long-term goals
- Legal Protection and compliance with all relevant regulations in your country (eIDAS, UETA, ESIGN Act, etc.)
- Works with PDFs, Word, Excel, Outlook, and other content apps you already use
- Provides you with complete control over its implementation.
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