10 Key Elements for CLM #5 – Signature
A signature may seem like a small matter, but in reality it carries a lot of weight. It is that final flourish which makes an agreement legally binding and confirms the intent to execute the terms contained within it. Not that long ago contract signatures were handled manually. This involved physically printing the contract, signing, scanning, and faxing or emailing it back to the counter-party. Then the process would be repeated for subsequent signers. If the signer happened to be traveling and was out of the office without access to a printer and scanner, the signature might wait for their return, causing delays. Depending on the quality of the scans, the final signed copy could be hard to read, faded and most definitely unsearchable. And if this laborious process sounds archaic, believe it or not, many organizations today still rely on such manual signature methods to execute their contracts.
Copying, scanning, and faxing are all methods of data transmission that lack the security contracts require, not to mention the extreme inefficiency and total lack of visibility they introduce into the contracting lifecycle. With all the technological advancements that we enjoy in our consumer world, there is no reason contract signatures should exist outside of secured automation. E-signature has been a welcome and indispensable advancement in today’s fast-paced world, rendering paper-based, hand-delivered systems for obtaining signatures which are so slow and provide no real security or auditability, completely unnecessary. Signatories today can e-sign from their mobile device, quickly and easily from anywhere in the world, even while sitting on the beach, thereby expediting the contract execution time.
From inception Malbek has recognized the vital importance of incorporating e-signature into the Malbek Contrax™ solution. We have integrated the leading e-sign providers in the market with our contract lifecycle management software so that our users can securely obtain authentic signatures, making it easy and convenient for the signer, further streamlining the contract lifecycle. And with our laser focus on end-user experience, we have ensured that, no matter where the signer is, he or she is always able to keep the contract process moving. Signing is as simple as using any mobile device to fully execute the contract – no scanners, copiers, fax machines necessary. Signed copies are automatically added within Malbek and also shared with all the signatories for their records, removing the need to send a final copy manually via email to the external party.
What does the contract signature process look like at your company? Are you doing a lot of scanning, emailing, or faxing and know that this is introducing inefficiency and risk? It might be time to take a look at what a seamlessly automated contract lifecycle management solution could provide your company. We would love to show you a demo. And if we’ve captured your interest and you’d like to read the rest of the elements that comprise a rock-star CLM solution, download our ebook on The 10 Key Elements You Must Have in Your Contract Management Solution.
