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An electronic contract is a digital version of a paper contract. It includes all of your terms & conditions like a paper contract, and is still legally binding. E-contracts let you negotiate, edit, and e-sign, all in a simpler way than on paper.

The difference between normal and electronic contracts

There are three prime differences between normal and electronic contracts:

Scope of errorIt’s easier to catch and edit the errors in an electronic contract as it’s web-based and you can edit in real time.

Transaction costsYou can skip the costs of printing, paper, ink, storage, and the like, if you use electronic contracts. All you have to do is create them online on digital software and get them e-signed.

SecurityElectronic contracts are more secure than paper ones. This is thanks to security features, such as biometric sign-ins, passwords, and team collaboration platforms that are inaccessible to anyone who does not have permission.

How do you make an electronic contract?

Here are the steps for creating an electronic contract:

Ensure that the signer can receive your contract in digital format. 

Everyone’s clear that legal signatures are just as binding as their wet counterparts.

Choose your ideal template or create a contract from scratch just like you would do with paper contracts.  

Attach relevant details and decide the fixed terms.

Send the contract and get it e-signed. 

What are the different types of e-contracts?

There are five different types of e-contracts. These are:

Browsewraps

Clickwraps

Scrollwraps

Sign-in wraps

E-signatures

How to sign an electronic contract

There are different ways in which you can sign your e-contracts. These are:

You can sign a hard paper copy of your contract, scan it, and upload it, and it’s still acceptable in many countries. 

Electronic signatures: You can add them to your contract with software, third-party add-ons, drawing, or even using cursive fonts. 

Digital signatures: These need to be verified by a Certificate Authority (CA) using Private Key Infrastructure (PKI). 

Clickwrap: this agreement just needs you to click “I agree” or “Accept” and your document will be e-signed. 

How are e-contracts used in different sectors?

E-contracts are so powerful, and have such a universal application, that they can be used in almost every sector imaginable. From Legal, to HR, to Sales, electronic contracts can help you take your business to the next level.

Are e-contracts legally binding?

In short, yes. But it’s not a question with a set answer.

The GDPR and the eIDAS regulations can vary from country to country. There’s also the fact that GDPR and eIDAS both apply to businesses outside of signatory countries, but who do business in signatory countries. In countries that aren’t bound by GDPR and eIDAS, but use these laws as bases for their own legislation, the picture isn’t quite so black and white.

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ABOUT ONEFLOW
Oneflow automates the entire contract process from start to finish, all in one place. Turning clunky, static agreements into helpful, digital contracts.
Processes are faster, decisions are better, and deals are quicker. It’s an easier, smoother, and smarter way for teams of all shapes and sizes to handle their contracts.

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