The construction business has always been built on trust and mutual agreement. Since it is a business that is founded on maximizing the business development opportunity, it must be supported by electronic signatures for closing quick deals in the construction business.
The use of e-signature online can be a simple and important solution for assessing and maintaining the workflow process in the construction business. In this blog, we will see and understand why:
Electronic Signature Use in Construction Business:
An electronic signature is data in the electronic form used by a signatory for indicating assent on an electronic document. It can either be as simple as a name typed into any electronic document or it can be done with a cryptographic digital security mechanism. Either way, a construction business is immensely supported with the use of online signatures.
The entire concept of signing any document remotely by electronic means is not new. There have been jurisdictions that validate the legality of e-signature. Although the concept is old, the ubiquity of online signature in quick-paced industries like construction is definitely a modern phenomenon. The construction operators who do not realize the importance of e-signing risk getting left behind by the competitors.
The construction business owners who implement electronic signature online by fully implementing the implications enable quick closing of business contracts. Any construction professional who desires to remain a business leader needs a strong understanding of the potential benefits of using e-signatures so that complete benefits can be leveraged.
Benefits of Electronic Signatures in Construction Business
The adage, “Time is money” is extremely valid in the construction business. There can be many reasons why a construction project could be delayed, but waiting for the return and delivery of physical documents can never be one of them. Any document can be signed electronically within seconds. Parties involved in a business deal might be present at different ends of the world, however, if they have an internet connection, they can sign the documents in minutes.
Speed can be considered as a great benefit of deciding to create electronic signatures. Moreover, the documents that are entirely electronic are able to save the storage and printing costs as well. These costs can then add up a high volume construction company churning with hundreds of documents being signed each year.
If we look at this from a perspective of public relations then cutting out on the waste of getting a paper printed helps in easy, low cost, and a green solution. In addition, when the documents are signed and maintained in an electronic format they can be easily looked out for as compared to the paper documents.
Other than this, the use of electronic signatures online also allows for added benefits of security as compared to signing paper copies. After signing, the electronic documents can never get tampered unlike paper documents that are always open to tampering. A skilled computer hacker can also never crack into an electronic document.
Hence, switching to electronic signature is always a winning prospect for construction businesses. That said, if a company does not implement a system of electronic signatures then there can be risks. For realizing the many benefits of e-signatures online, construction business owners should take actions to minimize all risks.
Enforceable Construction Contracts:
It is never uncommon for the construction industry to come across business partners who have vivid memories of a time when the construction contracts were not reduced to writing. In the present time, construction firm proprietors understand the value and absolute importance of having legally liable and enforceable contracts in writing.
The implementation of electronic signatures free is an excellent way to ensure that the construction business runs well and succeeds.
Secure Business Practices:
The business development process is about ensuring the right paperwork in place. It helps in creating proposals, quotes, purchase orders, etc. Much before putting the bid, one can complete the request for information digitally and avoid any potential conflicts, or ambiguities that can create unnecessary costs for the construction work down the line.
In case you already have a template for proposals, one can upload them and share them with potential customers so that they can be signed immediately. You can quickly negotiate the price and amend details in the system. What’s more, is that the online signature system works as an automated reminder that sends an email to individuals for ensuring electronic signing safely.
Just after the documents have been signed successfully, one can be notified by email so that the exchange of products and services can be done easily.
Guarantee of Security and Confidentiality:
The use of online signatures is extremely safe as compared to ensuring and collecting the storage of paper signed documentation. All the documents are sent with the use of SSL encryption.
Irrespective of whether documents are in motion or they are simply getting stored, the documents can never be read by anyone other than intended receivers or the ones who have been given access to the dashboard.
The use of electronic signatures in word enables a person to get documents that are safe and legally binding. Each signature that is collected holds information about the IP address it was originally collected on, or the timestamp when the signature was collected with a valid email address. While the traditional signatures can take so many days to collect, it is possible to collect them in minutes, or even seconds.
Streamlining the workflow process, the electronic signature helps in saving time and money. They help in increasing efficiency and closing the construction business deals effectively. Switching to e-signing of documents can be an exceptional way to cut down on the overheads, streamlining business practices, and helping the environment.
A capable attorney can help in drafting documents that particularly enable e-signing and can offer advice on enforceable business practices.
The use of electronic signatures is without any doubt the bright future of the construction business. With the help of sufficient thought and legal help, the use of e-signatures can have an entirely favourable reward.