The inevitability of digital transformation

With the rise in digital transformation, it is apparent that schools, colleges, universities, registered training organizations (RTOs), and industry training organizations (ITOs) are ready to join the transition and go paper-free. There are many perks of moving all the operations online. We are looking at subtle, hidden savings that we didn’t know even existed in the first place. Besides that, educational institutes are trying their level best to provide a hassle-free experience to students and their parents. It is in situations like these that digital signature solutions like DrySign come into the picture. With the rest of paper-based methodologies getting replaced with digital counterparts, signing documents remains the only manual process that gets left behind.

Also read: DrySign Freemium has Arrived – Here’s Everything You Need to Know

Why the education sector should switch to digital signatures

Manual administrative processes take up a significant amount of time and leave a limited room to focus on the core functionality itself. With signing documents and forms involved in many processes, the implementation of digital signatures would help save time and operational costs.

Streamlining operations
Smart digital signatures like DrySign help the college/university save on stationaries, paper, printing, scanning, and storage of documents while speeding up administration. When the TAT of administrative tasks is reduced, those hours can be put to good use, like fortifying the core functionalities and increasing the value of education for students.

Digital transformation – path towards paperless universities
Imagine a paperless future where the administration is thriving on digital transformation, the working hours are reduced to half, loss of information & data breaches are virtually extinct, and running costs of such institutions are substantially low. But the truth of the matter is that the path to a completely digital tomorrow is already paved. Technological subtle technological advancements like digital signatures, online archives, CRM applications, and many such tools & software that replace manual paper-based processes have already been deployed that have made the life of administrators significantly easier and made them more efficient.

Legality and security
History is filled with dire consequences of implementing paper-based signing workflows. There have been cases of forgeries and counterfeit documents to get enrolled. With digital signature solutions like DrySign offering 256-bit encryption and security measures like multi-factor authentication, it is easy to keep unauthorized users at bay and avoid security breaches. To make sure that electronic signatures carry the same legitimacy as wet ink signatures, we have regulations in place like the Electronic Signatures in Global & National Commerce Act (ESIGN Act) and the Uniform Electronic Transactions Act (UETA).

Role of digital signatures in procuring grants
Many colleges and universities receive federal funding from the government for research purposes. Administrative costs are one of the deciding factors when it comes to funding. Universities and other institutes that cut down on unnecessary administrative costs are more likely to procure a grant. 

In the grand scheme of things, the education sector has a lot to gain by making the transition to digital alternatives. It is now a matter of when and not a matter of if.
 

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Leveraging technology has proven to be a rewarding decision for many businesses that choose to adapt to today’s digitized realities. Whether it’s for marketing, operations, or accounting purposes, there are now many innovations that are changing the way we do business, and it pays to catch up in many respects.

One use case that has grown over the years is using electronic signatures for digital documents. The digital signature market grew to $2.8 billion globally and could grow to $14 billion by 2026.

However, just like any other digital tool, digital signature applications have their share of concerns, but there are ways to address them.

Here are five of the most common concerns related to adopting digital signatures at work and how to work around them.

Slow adoption

Inertia remains a common theme in any digital revolution, and digital signatures aren’t exempt. People will still prefer the old ways of signing documents for various reasons, whether it concerns electronic signature forgery, unwillingness to learn new tools, or challenges with adoption.

The way to address the slow adoption of new practices at work is to sell the idea internally to all users and stakeholders. Talk about the many benefits of using digital signatures, such as the saved costs and time when using digital versions of our scribbles. Studies show, for instance, that implementing digital documents can help save up to 85% of document handling costs.

Fraud and reliability

Some people might ask questions like, “Can a digital signature be forged?” And the answer is a resounding yes. However, so can non-digital ones.

What digital solutions provide that its traditional counterpart does not, is added layers of verification such as an assigned PIN or password when authorizing electronic signatures.

Keeping an audit trail is yet another good practice, such as keeping track of chat conversations with someone who requests an e-signature. There are many other ways of dealing with signature forgery, such as keeping a legal advisor at bay in case there arises a problem with signatures, but again, these are problems we could potentially face with non-electronic documents too.

Government compliances

In some countries, electronic signatures might have approval limitations. Some governments understandably have concerns, understandably, such as the question of “Can digital signatures be misused?” Naturally, people will doubt the safety of anything that happens online, given the reality of digital security issues.

Government approval plays an integral part in public documents. But in cases where your government doesn’t honor e-signatures, it’s mostly for legally binding documents between third parties.

Most countries have no problem with documents for internal use like getting budget approvals or employee sign-offs on projects and reports. The best way to curb these concerns is to use authorized tools that provide an added layer of protection. Looking for the best e-signature tool is like looking for the best online degrees—try looking for a provider with a good track record and that fits your budget.

Also read: Transforming SMBs with Digital Signatures

Unauthorized approvals

Just how secure are digital signatures for internal purposes? One will find that they’re actually very secure. Some companies might have concerns with unauthorized approvals at work, but digital signatures offer enough layers of protection.

The best way to avoid unauthorized approval is to use one central digital signature provider, as these usually require authentication before signing any document. Roll out an internal policy that states that any document signed outside of that provider won’t be honored.

One other feature to look for in a digital signature provider is a layer of intention, which will take a signer through a few steps to validate their intention to sign. Ensure that the internal document signing software has enough steps to indicate one’s intention to sign the said document.

Challenge to validity

Once a document gets signed, there’s a chance that someone might challenge its validity when it goes out. This challenge to electronic signature security might come from a financial institution or government agency.

When there’s a challenge to validate whether or not a document has the permission of the said people, it’s good to have additional proof to support the claim of the document’s validity.

In most cases, an authenticated timestamp should do the trick. But for more serious documents, such as contracts worth a lot of money or legally binding contracts of a grave nature, you can also keep a copy of a video of the signing parties signing the document digitally.

Is the Risk and Trouble Worth It?

When going paperless with your contracts using e-signatures, some might ask if it’s worth all the trouble to get it done. And the answer depends on a company’s priorities. For those that want to save resources and time, switching to digital signatures could be a great solution. And there is also the option of keeping a hybrid policy where some might need actual signatures, and some will be fine with an electronic version.

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With digital signatures like DrySign, legal organizations can save more costs by reducing paperwork and converting that time into billable hours, thus improving client relationships.

We have witnessed attorneys and their clients struggling to sign court documents, contracts, agreements, printing, and scanning documents, resulting in a waste of time and resources for law firms. But a digital signature, a.k.a. e-signature, provides the power to sign and authenticate documents more efficiently and securely than any physical signature.

The current scenario of COVID-19 has accelerated the need for evolving digital technologies but has reduced the number of face-to-face meetings for closing deals for law firms. This has become one of the most common bottlenecks of the legal client intake process, where the time to send and receive important documents has considerably increased. In addition, clients are often just as busy as their lawyers, taking a significant amount of time to get important signatures in place. The client-lawyer relationship, as a result, has changed drastically over the past decade changing the way clients want high-quality legal advice when consulting a law firm. And that is where the role of an e-signature arrives, making a difference!

Thanks to technology, digital signatures now have taken a special relevance in moving towards digitalization. It has become easy for clients or lawyers to sign documents anytime, anywhere, even on the phone, securely. According to the law, electronic and digital signatures have been made acceptable since 2000, when ESIGN or ‘Electronic Signatures in Global and National Commerce Act’ stated that electronic signatures have the same legal standing as handwritten signatures. Why, then, do some firms settle on using traditional hand signatures? Now, is the right time to adopt the use of digital signatures in law firms. Jurisdictions related to e-signatures have also been lifted to clear the path of its adoption in the market for implementing digital signatures into your day-to-day life for easier processing of documents. A convenient, fast, and more efficient e-signature can make documentation a straightforward process, moving legal matters faster.

Benefits of E-signatures for Legal Teams

Improved Client Relationships

Sending snail mails to clients or chasing them to sign the paper documents may frustrate them, wasting their time and money. Digital signatures like DrySign can help here! With e-signatures, your legal teams can improve client experience by giving them space and reaffirming their initial choice to place trust in your firm.

Lower Costs

Businesses using a digital signature platform have been able to reduce their costs by 85%. E-signatures are the first step in shifting towards a paperless approach. Many law firms are choosing to adopt e-signatures as a viable solution due to the overwhelmingly positive impact. It can give more output by removing the cost of printing documents, paper, and use of ink, photocopying, or equipment maintenance. In addition, consolidating the overall cost of the document provides law firms a much more predictable way to manage the signing process, with clients able to save their documents in the cloud whenever required.

Data Protection

Legal documents contain highly confidential data. Digital signature solutions enable legal firms to save and protect client information using cloud technology meaning chances that the documents may be tampered with or forged are almost nil.

Increased Security

The use of e-signatures provides a better client experience through a faster approach and enhanced security. An e-signature tool assures and ensures that confidential documents are securely signed by the right individuals and include advanced tracking capabilities. As a result, law firms and their clients can view their documents anytime to keep track of the signees.

Also read: How to Deal with Signature Forgery?

Streamlining Processes

The procedure of physically signing a document is inconvenient and requires clients to be physically present at the time of verification for authenticity. But this process can be streamlined in terms of cost, speed, and security. An e-signature can be created on any device within a few minutes, which is essential in closing specific deals and legal contracts, thus ensuring client satisfaction.

Improved communication

Law firms are stuck to the legacy mindset of traditional paper signing. We know it’s hard to give up on old habits, though! Legal teams are always in a hassle for follow-ups with clients to get that document signed. Here, digital signatures can help reduce the time to organize and track the dedicated legal documents to be signed. A trusted and valuable e-signature tool allows law firms to track and analyze signature requests with zero additional effort.

Extensive Legal Evidence

The log, also called audit trails, is associated with the digital signature that includes additional details like e-signature transactions and the digital certificate's date and time. Whenever a document is signed with an online signature, it offers a legal binding with the log of events taken on that document. These audit trails serve as more reliable evidence of the signature than any traditional handwritten signature.

Go Paperless with DrySign

Legal teams don’t have to suffer from time tracking, increased costs, lengthy document turnaround times, and more. If your legal team is looking to go paperless to keep your business efficient and productive, DrySign can help with a diverse range of benefits.

Contact us today to learn more about DrySign.

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Source:

https://www.hrdirectapps.com/blog/is-using-a-digital-signature-for-documents-legally-binding-and-secure/

https://blog.meruscase.com/the-value-of-digital-signature-for-law-firms

https://www.cygnature.io/why-e-signatures-are-vital-for-legal-firms-during-the-lockdown/

Lights, Camera, Action!

The entertainment and media industry makes a substantial contribution to economies the world over. Consisting of cinema, television, music, publishing, radio shows, magazines, OTT, etc., this industry is a powerhouse of numerous financial deals, contracts, etc.

The U.S. media and entertainment industry contributes more than $717 billion to the economy.

However, everything has changed with the Covid-19 situation; different industries and companies have faced complex challenges to keep their businesses running while maintaining social distancing between their workers, vendors, and production staff. This has forced entertainment and media companies to alter their planning processes from short-term to long-term, considering how different the industry might look in the upcoming years.

Gradually, the necessity to deal with large amounts of paperwork within a specific duration has risen, too. As a result, media companies are looking for solutions and services that help them manage their paperwork, documentation, and other contractual elements effortlessly. This is where digital signatures are spreading their roots rapidly, enabling media houses to ease complicated processes with security and reduced TATs.

The United States passed the Electronic Signatures in Global and National Commerce Act (ESIGN) in 2000, which states that e-signatures share the efficacy of ink or wet signature and are acceptable for documentation in every state of the U.S.

With digital signatures, businesses can remain productive while effectively cutting down paperwork-related costs. The use of online signatures for the media industry can prove remarkably useful. Let us look at some of the most significant benefits:

Cost Reduction

Whether you need to sign contracts or shoot approval documents, implementing e-signature software can substantially reduce your costs. You can limit expenses associated with ink, packaging, maintenance, and shipping and storage.

Smart Contract Execution

Awaiting approvals for agreements and contracts can take up a significant amount of time. Imagine waiting for approvals from your higher-ups when your crew is waiting to start production. Electronic signatures aim towards greater transparency and responsibility when it comes to sharing legal agreements and contracts. With digital signatures, media professionals can send documents to all the stakeholders or sign the received documents from anywhere, anytime. In addition, features like document fields and templates make this process extremely efficient and swift.

Also Read : Electronic Signatures vs. Digital Signatures. Which One Should You Choose?

Reduced Hassles

Instead of chaotic practices like printing, signing, and scanning, implementing an e-signature solution presents you with a much more manageable way to conduct your business. The production staff can use digital signature solutions for signing and receiving signatures in a matter of minutes, with little to no hassles of dealing with a string of documents.

Boosts Productivity

Using digital signatures, you eliminate the time spent on tedious, repetitive administrative tasks, allowing you more time to focus on the actual part of your business, creativity, and content creation that engages your audiences. For example, an agent of a leading actor can focus on choosing the best projects for their client instead of wasting time on getting contracts signed and storing them.

Saves Space

Most companies in the media and entertainment industry need a lot of additional space to physically store a large number of documents and boxes. The solution is to switch to E-signatures, which eliminates the need for physical paperwork and cuts down the need for unnecessary storage space. Electronic signatures allow users to securely store documents online on the cloud.

Quick Payouts

The media industry works under demanding schedules. A lot is happening simultaneously, and, as a result, crew members and vendors can face issues in their daily payouts. However, this problem can be entirely resolved by implementing digital signature solutions. Digital signatures can help streamline document-signing workflows with just a few clicks. Payment approvals and invoices can be signed quickly for remitting faster payments anywhere, at any time, from any device.

Minimum Risks

Using digital signatures means reducing risks. For example, entertainment businesses deal with confidential and sensitive data, making privacy and security a major concern. With e-signatures, documents can be handled securely using a robust encryption or coding algorithm that does not allow any third party to access the records without consent.

Using paper documents for high-value contracts can be risky as they are fragile and can be easily damaged or tampered with. Digital signatures, on the other hand, help by encrypting, storing, and securing the document.

Maintaining Documents

Digital signatures are convenient and easy for professionals – even those who aren’t tech-savvy. When signed, agreements, shoot approvals, or contracts remain saved securely in a digitized format. The signing process is intuitive and straightforward and makes the document easily accessible from any device across any location. In addition, documents or agreements can be verified effortlessly in a matter of minutes.

Conclusion:

The media and entertainment industry is on an exciting growth path and is expected to grow further in the coming years. Considering the massive number of contracts and legal agreements that come with its management, it can be inferred that the industry needs help in that department. Additionally, as the competition in the media and entertainment businesses rises, the need for efficiency becomes essential in order to stay ahead. Digitization and new technology is the best way forward.

Using digital signatures, the entertainment industry and media professionals can count on huge benefits across an array of instances such as service agreements, actor agreements, casting contracts, location rentals, invoices, equipment rentals, etc. So, if you work in the media industry, it is time for you to look closely and see how electronic signatures can transform your business.

Exela’s DrySign is a user-friendly solution that is the right choice for professionals in this industry. Create smooth, hassle-free, and paperless document-signing experiences for your clients and employees with DrySign. Want to know more about DrySign? Click here.

Sources: www.clio.com | www.forbes.com | www.vault.com

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PKI is a framework behind digital signatures that enables users to authenticate online signatures through robust, end-to-end encryption.

A digital signature is a PKI (Public Key Infrastructure) based online certificate that validates the signer’s authenticity, ensuring digital transactions are not forged or tampered with. E-signatures are precisely like traditional signatures in the sense that both are unique to the signer. However, e-signatures offer far more security and assurance concerning the document’s origin, identity, and integrity. Besides providing the highest standards of security, digital signatures are also legally binding, with numerous countries having their own set of laws and regulations legalizing digital signatures.

PKI - What does it mean?

PKI stands for Public Key Infrastructure, a system that allows users to create, store, and digitally exchange data using digital certificates. PKI enables users to sign documents online or offline without any fear of tampering or alteration.

Digital certificates fulfill a similar purpose, just like a driver’s license or a passport. They are used to secure the transfer of information, assert identity information, and verify the authenticity of messages through public-key cryptography. Likewise, a digital certificate allows businesses to encrypt, sign, and authenticate documents and contracts.

‘Infrastructure’ in PKI refers to the underlying framework used to encrypt information and validate digital signatures. It encapsulates various ‘pieces’ that make up the technology, including the software, hardware, procedures, and policies needed to create, manage, store, or withdraw digital certificates. In a PKI, Certificate Authorities (CAs) issue digital certificates that bind the public keys with the signer’s identity.

Components of PKI

There are three major components of PKI:

• Digital certificates
• Certificate authority
• Registration authority

Digital Certificates

PKI functionality depends upon digital certificates - it is used as a form of electronic identification for various websites and organizations. These certificates are vital in securing connections between two communicating machines, helping identify and verify the credentials of the two parties.

Certificate Authority

A Certificate Authority (CA) issues certificates after validating users' digital identities, ranging from individuals and businesses to central servers. It is a body that allows organizations to verify themselves as public keyholders by issuing digital certificates. Devices rely on digital certificates issued by certificate authorities.

Registration Authority

A Registration Authority (RA) is responsible for receiving digital signing requests or renewals. The RA verifies these requests and forwards them to the Certificate Authority (CA). The CA will then use a certificate server to execute the request.

Also Read: Digital Signature Laws around the World

How does PKI work in Digital Signatures?

As we learned earlier, digital signatures use public key infrastructure (PKI) for digital identity authentication and end-to-end encryption. Therefore, it is essential to understand how PKI forms the backbone of digital signatures. PKI relies on two related keys, a public key and a private key. These two keys create a key pair (like a lock and key) to encrypt and decrypt a message using robust mathematical cryptography algorithms. The private key is used entirely for signing purposes, while the public key is used to verify signatures.

By using public and private code keys and providing the signatory with their digital fingerprint or identity, a digital signature is generated and encrypted using the signer’s private key. Here we will get to know how code keys work, taking Alice and John as an example:

• Alice selects a file that needs to be digitally signed
• Her computer calculates the unique hash or code value of the file content.
• This hash value is encrypted with Alice’s private key to create her digital signature.
• The original file, along with its digital signature, is then sent to John.
• John uses a document application, which identifies that the file has been digitally signed.
• The file is then decrypted using Alice’s private key.

What happens next in Digital Signatures?

Are they fully secure? Digital signatures carry online certificates which are used to verify that information is being transmitted and stored securely. However, it is important to note that security threats such as blocking private keys or exposing these keys through a system breach do exist. Thus it is vital to have digital certificates stored securely to avoid tampering or unauthorized access.

When sending out any document signed using a private key, the receiving party obtains the signer’s public key, allowing one to decrypt the document. The receiving party can view the unaltered document once it is decrypted.

Suppose the receiving party cannot decrypt the document using the public key. In that case, the receiver will get to know that the document has been altered or forged and that the signature doesn’t belong to the original signer. Again, it is all about trust, where the individual creating the signature must keep their private code key secret. If anyone has access to the signer’s private key, it could lead to forgery and signature tampering.

What happens if either the sender or receiver changes the document after it has been digitally signed? This can cause alterations in hash values in the document as the hash value for each file is unique. As a result, when the receiver compares the hash value to validate the data, the difference in the hash values would reveal that the file has been altered. Thus, the digital signature will appear altered or tampered with, and the verification will fail. Therefore, digital signatures are highly secure and one of the safest forms of authentication.

Conclusion

The process of creating a digital signature is simple and easy. With changing times and a rise in automation, signing documents digitally not only works out as a quicker option but also proves to be extremely convenient. Unlike manual, traditional signing processes, digital signatures bring added security to online transactions with PKI, making processes easier, safer, and quicker for businesses.

PKI keeps every component of the Internet secure, be it securely encrypting emails, signing documents online, securing retail transactions, encrypting or decrypting files, and more. PKI technology helps businesses meet the safety and protection requirements they need to secure transfer of information online.

Using PKI-powered solutions like DrySign, businesses can take their cybersecurity to the next level. Want to know more?

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When SMBs go digital with E-Sign Solutions

Small or Medium Businesses are all about getting more from less. That right there is the core essence of technology. Harnessing every ounce of functionality offered by transformative digital tech is the key to unlock the true operating potential of any growing business. When it comes to transforming the document signing workflow, E-sign solutions can go a long way in helping SMBs reduce expenses and TAT. Not only are digital signatures legal, secure, and efficient, but they also help growing startups operate with tighter budgets.

The whole point of implementing a digital signature solution is to get rid of all the vulnerabilities and inefficiencies brought forth by traditional, manual workflows. When we consider the fact that small businesses have to operate on a tight budget and have a lot of stakeholders to answer to, E-sign portals help fill in the gaps present in the admin workflow and eliminate deceptive hidden costs, which over time, can form a hefty sum. In the longer run, businesses stand to gain a lot compared to what they invest by implementing digital signatures. And here’s how.

Contracts are better executed when E signed

The most significant advantage of having digital signature software is that electronically signed contracts are just as legally binding as physically signed paper-based contracts. Along with security features like 256-bit encryption, password protection for documents, and online document storage, the integrity of sensitive documents remains intact so that the following documents can be signed online.

Founder’s agreements

What begins as a ground-breaking idea on a tissue paper between friends brainstorming at a café with the right catalyst can quickly grow into the next big thing in the market. Unfortunately, when that happens, the stakes are high, increasing the chances of disputes that can just as easily escalate to a judicial level. In such cases, if the contracts are tampered with or forged, the consequences are often disastrous. Therefore, it is highly recommended that such contracts be drafted and signed in a digital format using E signs to ensure that all stakeholders, investors, and co-founders stay on equal grounds.
A classic example of such an agreement going wrong would be the lawsuit filed against Facebook in 2012. Paul Ceglia, who has founded many other businesses, was arrested for forging evidence in his favor to procure a significant share in Facebook.

Employment offers

A well-drafted and digitally signed employment offer letter clarifies the responsibilities, benefits & salary, confidentiality, and invention assignment issues. In most cases, the investors or capitalists insist on getting the confidentiality and invention assignment letters signed to ensure that the business ideas invented during the employment do not cause any proprietary issues.

Service/Sales contracts

If yours is a service-providing company, then digitally signing your service agreements helps avoid lawsuits and conflicts that may cost your business a small fortune. A service agreement, when signed online, will help your company prevent disputes regarding the terms under which you provide your services and help clarify the liabilities. Using E sign to sign contracts will also help avoid conflicts regarding fees and additional charges.

In the case of a product-based company, a digitally signed sales agreement will go a long way in helping your business avert disputes regarding terms of sales, warranties, and price adjustments.

Non-disclosure agreements

Protecting your company’s intellectual property can be tricky. Your employees are accessing confidential and sensitive information daily, increasing the chances of corporate espionage incidents. Stealing confidential information can damage the company’s image and may even cost a small fortune to get the situation under control.

Also read: Why all SMBs working remotely need to deploy a digital signature solution

Top 5 critical areas SMBs can focus on using digital signatures

Be it either in the initial stages when everyone is super excited about starting a new venture or during the prime of its operation, a few unforeseen blunders can cost your business dearly. The chances are that a startup may be working on something ground-breaking or on some product that can potentially become the next big thing. But due to certain shortcomings, this paradigm-shifting plan never came to fruition. Following are five critical areas SMBs can strengthen using digital signatures. 

Paperwork handling and management

The defining factor of successful startups and SMBs is the fact these companies always consider Murphy’s Law in every equation while operating. When your business has every angle covered using immaculate paperwork stored and signed online, you are prepared for virtually any adverse situation heading your way. Unfortunately, when it comes to maintaining documents, physical paperwork can cost your business in some of the most deceptive ways. Costs associated with document cabinets, paperwork handling, office supplies, and document shipping can add up to form a hefty sum. All of these can be eliminated using a holistic digital signature portal.

Protecting intellectual property

Theft of ideas has been going on for a long time. For example, ever since Nikola Tesla concluded that his charged Tesla coils could be used to transmit messages over long distances, an Italian inventor named Marconi used the Tesla oscillator to get a similar device patented in his name. So the next time you have an idea worth filing a patent, be sure not to write it down on a piece of paper. Instead, prepare the documentation in a digital format and submit your patent application online using digital signatures.

Monitoring administrative costs

When you have a tighter budget to operate and stakeholders breathing down your neck every time you spend the company’s money, the administration is the last thing that should take a bite out of your expenses. That means making it as cost-effective as possible by saving time, infrastructure, and funds at every juncture. This is where digital signatures shine by getting rid of these subtle expenses. In the grand scheme of things, this allows your company to do what it does best. Make this world a better place, one problem statement at a time.

Keeping an eye on customer experience

If your company requires the end user to sign documents, making them sign physically is the proverbial crack in the lens when it comes to customer experience. However, making your customers sign documents digitally could prove to be one of the key factors in making your company stand out from the competition.

Signing Letter of Intent manually

A letter of intent can help your company boost its momentum when closing a deal. It can either be a binding contract or a non-binding communique. In either case, confidentiality and security have a significant impact on the execution. For example, if the deal can affect your share prices, having a secure and private medium to execute the deal drastically reduces the chances of insider trading.

Cutting down TAT and streamlining administration of SMBs using DrySign

DrySign being a smart and intuitive digital signature platform, provides all the necessary and usable features any emerging business would require to accelerate its growth. With reasonably priced plans and features like legal compliance, group sign, audit trails, 256-bit encryption, password protection, and secure login, companies can save funds and invaluable business hours, enabling them to focus on their core offerings or employee development. After all, the key is to let technology take care of the administrative end. Moreover, the best part about DrySign is that it’s super easy to get started. 

 

 

 

 

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Source:

https://www.rocketlawyer.com/business-and-contracts/legal-guide/top-10-contracts-for-every-small-business

https://www.forbes.com/sites/allbusiness/2016/02/03/10-essential-contracts-for-small-and-growing-businesses/?sh=baf4bc31aa39

https://www.forbes.com/sites/allbusiness/2020/02/01/legal-mistakes-made-by-startups/?sh=c41430c22a6b

https://venturebeat.com/2012/10/26/facebook-paul-ceglia-arrest/

Photography is a gratifying profession – both financially as well as creatively. This is why most photographers you will meet are usually on a very tight schedule. They are busy people. Sometimes, they have events scheduled months in advance only because their current schedule does not allow them to take any new clients! Now add to this the headache of maintaining multiple contracts for multiple clients at the same time. Life for a photographer can become chaos, especially when they’re always on the move, trying to focus on the job at hand: to produce the best work for their clientele.

Let us first try and understand why photographers need contracts.

WHY DO PHOTOGRAPHERS NEED PHOTOGRAPHY CONTRACTS?

Photography contracts are legally binding documents. One of the main reasons photographers use contracts while dealing with clients is to preserve their time and work as business owners or independent contractors. Here are some of the other more important reasons why photographers must use contracts before every photoshoot:

• In case of unexpected troubles, both the photographer and the client are protected under a well-written photography contract.
• Helps avoid miscommunication or conflicts between both parties since all expectations, rights, and responsibilities are clearly mentioned.
• Helps clients get what they’re looking for.
• Includes important terms of payment clauses.
• In case of unforeseen circumstances like sickness or bad weather, contracts add options like re-shoots or additional prints.
• Outlines important copyright-related details.
• Protects photographers from clients who may later demand more than what was agreed upon, often at the same price.
• Sets a high perception of the photographer in the client’s mind, indicating professionalism and expertise.

Photography contracts make sure clients are happy with their photos. At the end of the day, this is what matters to any photographer.

Also read: DrySign for Freelancers

HOW TO CREATE & AUTHORIZE A PHOTOGRAPHY CONTRACT?

There are different types of contracts in photography like model release contracts, photo session agreement contracts, rights to photos contracts, property release contracts, equipment rental contracts, second shooter contracts, and many more, depending on the client’s exact requirement. For example, if the client wants 10 drone shots in their album, the photographer will have to create a separate equipment rental contract in addition to the regular photo session agreement contract.

Managing all these different types of contracts for separate clients can be a tedious and meticulous endeavor, especially for individual photographers or a small team of photographers. Digital signature platforms like DrySign can eliminate all these problem statements.

1. Meet with the client over a video call or in person
2. Gather the requirements and outline the expectations, roles, and responsibilities
3. Draft the contract with the help of a contract writer
4. Log in to DrySign
5. Select the Group Sign option
6. Upload the contract
7. Sign it
8. Send the same contract via email to your clients for signing

Done! It’s that easy.

UNIQUE BENEFITS OF USING DRYSIGN FOR PHOTOGRAPHY CONTRACTS

• Cloud storage – All photography contracts and documents are stored safely and permanently online.
• Cost savings – Save costs associated with manually sending and receiving contracts.
• Safety – No risk of theft or loss of any document or photography contract due to physical damage or misplacement.
• Audit trail access – Retrieve any photography contract from anywhere, anytime.
• Greater flexibility and satisfaction for clients – Works on all devices and operating systems while reaching multiple signatories at a time.
• Greater flexibility and satisfaction for photographers – Seamless integration with platforms like Salesforce, Google Drive, OneDrive, and Dropbox.
• Workflow efficiency – Frees up a large chunk of the photographer’s time so that they focus on the main job: photography.

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The digital economy, also known as the ‘Internet economy,’ is taking shape and transforming conventional notions about how businesses are structured and how consumers obtain goods, services, and information online. This new way of doing business is the result of the hyper-connectivity of billions of people, data exchange, and processes through the internet.

The term ‘Digital Economy’ was coined in the 1990s and defined itself as the economic activity – commercial and professional transactions that take place online.

“Every industry and every organization will have to transform itself in the next few years. What is coming at us is bigger than the original internet and you need to understand it, get on board with it and figure out how to transform your business.” --- Tim O'Reilly.

This change has been the catalyst for transformative technology that some of us are just now hearing of, like IoT, Blockchain, Automation, Virtual Reality, Electronic Signatures, etc. These technologies help strengthen the trust in the digital economy and have witnessed significant improvements and evolvements through various technological initiatives.

The rise of the use of electronic signatures, during the COVID-19 pandemic, was more out of necessity than a comprehensive understanding of this technology. However, it is to the benefit of today’s business leaders to find out everything there is to know about this new cutting-edge way of doing business.

Swiftly replacing traditional wet-ink methods of signatures, e-signature solutions like DrySign are the future of secure and fast exchange of documents that need authentication via signatures, for ex: contracts, NDA’s, sales agreements, and much more.

What is an Electronic Signature?

Electronic signatures are symbols or other data in the digital form attached to an electronically transmitted document to verify the sender’s intent to sign the document – simply put, a technology that allows a person to sign a document online. In the US, electronic signatures are legally recognized by the Electronic Signatures in Global and National Commerce (ESIGN) Act and the Uniform Electronic Transactions Act (UETA). Both laws provide the following:

- No contract, signature, or record shall be denied legal effect solely because it is in electronic form

- A contract relating to a transaction cannot be denied legal effect solely because an electronic signature or record was used in its formation A foundation for online signatures, the ESIGN Act, a federal law, was passed in 2000 and was preceded by UETA which was introduced in 1999. These regulations grant legal recognition to electronic signatures and records if all parties to a contract choose to use electronic documents and sign them electronically.

Electronic signatures are represented digitally but can take many different forms and can be generated by various technologies. Some users use e-signatures to electronically sign and manage the execution of contracts by:

• Contactless transactions through chips and pins
• Biometric verification and signatures (fingerprints or facial recognition)
• Clicking on the boxes (I accept or submit) in online transactions
• Mentioning names at the end of an email

Electronic and digital signatures, although used interchangeably, mean different things. While electronic signatures prove the intent and consent of the person, a digital signature is the encryption technology that supports electronic signatures and makes them as secure as they are. Using an electronic signature solution that employs digital signature technology, like DrySign, is the safest step to enter this world of digital business.

Also Read: Transforming SMBs with Digital Signatures

Electronic Signatures simplify the Digital Economy

Barack Obama once said, ‘’The internet is not a luxury; it is a necessity,’’ and how true that is! Electronic signatures are fast becoming the fundamental pillar of the digital world, proving to be a catalyst for increased connectivity and innovations, thus driving economic growth.

Last year, the global economy contracted by 4.4% due to the current crisis. But at the same time, a trend set into acceleration: Digitization, which enhanced the digital capabilities for various sectors, including E-commerce, Banking, Finance, IT, etc. The rising demand for digital transactions, in turn, increased security concerns across various organizations globally, pushing the need to adopt advanced technologies in countries worldwide. As a result, the ever-expanding E-commerce giants like Amazon, Flipkart, Alibaba, Myntra, etc., started practicing and implementing E-Signature technology across the globe.

Many sectors worldwide have recognized that contract signings and other document workflows that need physical signatures can be conducted online with the help of e-signatures. This affirms the legal value of e-signatures as a key commercial imperative for digital trade and exchange performed online. E-signatures boost the digital economy by speeding up the business process and closing deals faster by eliminating issues and barriers that have been known to delay in-person traditional signing ways. E-signatures can be gathered in a matter of minutes, thus increasing operational efficiency and boosting transparency in signing processes.

E-signature solutions like DrySign that are legally compliant with international and national laws and use digital signature encryption help build trust in digital transactions, which is crucial for big corporations and businesses. If managed appropriately, e-signatures can be a significant leveler, allowing businesses of all sizes to reap the benefits of the ever-expanding digital economy.

Benefits of Electronic signatures in the Digital Economy

The traditional pen and paper signatures were an integral part of business in the past. However, to suit the requirements of today’s world, there is a need to change to modern alternatives, like e-signature solutions. E-signature solutions like DrySign allow users to send, sign, and receive digital documents quickly, on the go. There are numerous benefits for industries and companies of every size across all sectors. Read on to find out how the implementation of electronic signatures in your daily workflows can benefit your business and keep it relevant in today’s digital economy:

Reduced Costs

Even being part of the new-age digital economy does not rid you of the costs of signing documents if you still follow traditional wet-ink methods. The digital nature of electronic signature solutions like DrySign means that you no longer have to bear costs you generally would in manual methods, for example, paper, ink, printing, human resource, logistics, etc. These reductions in operating expenses help improve the businesses’ bottom line, thus increasing ROIs.

Besides the usual cost-heads, manual methods also carry the cost of human errors. Ever had to reprint a document to sign because your signature doesn’t match? We bet!

US businesses waste $8 billion every year handling paper documents.

(Corp Magazine, 2015)

Increased Customer Security

The rapid growth of the digital economy has also brought along with it the ever-increasing fear of online fraud and other offenses that have the potential to destroy even the most stable businesses. Using e-signature solutions that use the highest technology to secure your data and vital documentation is your best bet.

DrySign e-signatures use smart tracking to know who has signed and where your document is still pending, allowing you to have complete monitoring and access to your document. In addition, DrySign also provides high-grade security measures such as robust audit trails, password-protected e-signing, time stamps etc.

Increased Productivity & Efficiency

Electronic signatures fuel productivity with a simpler and quicker coordination process. Moreover, they enhance client and employee experience by simplifying long, time-consuming processes. DrySign allows you to sign a PDF, Word, or any other type of document, without a hassle. Additionally, you can integrate it with any other application like Google Drive, DropBox, etc. Simply upload a document on your smartphone, laptop, or any other device, choose the signature and its contents, you can choose to add just your initials, or your full name with the date, etc. Once affixed, your document is ready to be sent!

Smart solutions like DrySign don’t even need the other party to have a DrySign account. How convenient is that?

To sum it up, electronic signature solutions are the only way to survive and thrive in this growing digital economy. Digital signature technology allows you to close deals, buy, sell, and grow in the digital world with the assurance of security and legal compliance.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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The future is completely open, and we are writing it from moment to moment. These words by Pema Chodron imply that the best way to transform your future is by designing it – today! A good business leader can recognize patterns and foresee trends before they are set, steering their team into a productive and secure future. Of course, no one can predict situations like COVID. But, the prowess of good leadership does not necessarily lie in anticipating specific conditions but in the preparedness for situational control, even in contingencies. And more importantly, their ability to make good decisions that impact the future of the business and growth, no matter the situation.

So, how equipped are you to handle contingencies?

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This theory has become even more pertinent since the pandemic began. With businesses crumbling under the weight of an imminent economic crisis, adaptation has become crucial, especially to contactless digital workflows. Within this scope of digital transformation, the introduction of electronic signatures has revamped the way businesses conduct transactions, agreements, and contracts. From offer letters and non-disclosure agreements to sales and purchase transactions involving humungous sums of money, e-signing is a welcome solution that enables companies and individuals alike to send & receive attestations that relevant parties can store & access easily without initiating any physical contact.

Yesterday’s Delight Becomes Today’s Need!

If we go by the patterns of technological advancements throughout history, people initially view a newly introduced gadget or system as a luxury. It gradually makes its way to the ‘convenient-and-efficient' category, finally settling at the 'can't-do-without' station. Take the instance of telephones. Their journey has been quite fascinating, from the birth of the first wired telephone in 1876 to rotary dials, followed by push buttons. Later, cordless phones stormed the market. Then heavy mobile phones were introduced, which were replaced by lighter ones. From buttons, we moved to touchpads, and soon even those became passé. Today, smartphones dominate the market. They are an essential integral part of every household and every professional. A vast majority cannot imagine their life without this piece of convenience anymore. If people had to spend a day without their phones, it would be far too complex, if not impossible, to conduct business or even maintain their routine.

Such is the case with electronic signatures, although it has been around for a few decades now. Visionary and futuristic companies absorbed this advancement into their workflows and adapted, leaving them with fewer things to worry about when the pandemic hit. And soon, others followed suit. With the potential to optimize documentation and authorization without the need of being physically present, e-signing is now moving towards being a necessity.

Also Read: Blockchain - The Future of Digital Signatures

Understanding the Process

In case you aren't clued in yet, this is how digital signatures work:

1. The sender uploads a document and sends it to the intended recipients through a web-enabled device.
2. A unique encrypted hash value is generated using the sender’s private key.
3. This cryptographic file is delivered to the receiver using the sender’s public key certificate.
4. On receipt, once the receiver digitally signs, the document is sealed with a cryptographic hash for the same file.
5. Both hash values from the sender and the receiver must match to verify authenticity.

What’s the Difference and How is it Better?

Digital Signatures are the encryption technology that supports electronic signatures. They are entirely different from wet-inked signatures that are merely scanned and pasted on documents. Digital signatures are embedded with multiple security and tamper-proof features. It uses Public Key Infrastructure (PKI) technology that authenticates, verifies, and secures all participating persons. Hence, nobody can alter a signed document once it is sealed.

Reinforced security features that protect users against all kinds of crimes related to signatures, digital signatures are rapidly changing how corporates authenticate, attest, and authorize documents. With technologically advanced e-signing solutions, businesses now have the opportunity to secure themselves against theft, forgery, cybercrimes, and data leaks in an effective manner elevating the documentation and signing process.

The Impact of E-Signing on Businesses

• The total savings of businesses migrating to e-signature apps from paper, taking into account material, administration, shipping, and subscription costs, is a whopping 55%–78.62%.
• The time difference in obtaining signed documents through electronic signatures is 37 minutes compared to the traditional way, which takes approximately five days.
• Electronic signatures improved productivity by a staggering 85%.
• The average savings businesses accounted for by incorporating electronic signatures into their workflows are $20 per document.
• Businesses witnessed a 500% increase in external customer loyalty after teaming up with an e-signature vendor.
• Organizations saved an estimated 22,000 hours annually post their shift to e-signing.
• Businesses that use e-signature tools can reduce document handling costs by as much as 85%.
• Incorporating eSignatures has significantly reduced scanning errors by 92%.
• Efficient e-signature software can save 2.5 billion trees in less than 20 years.

The Future of E-Signing

A thorough market study involving observing present trends through analytics shows that electronic signatures are already making handwritten signatures obsolete. Here are some aspects to look forward to in this space:

1. It will drastically reduce the time professionals spend locating attested files and contracts.
2. With location-agnostic services, the need for tête-à-têtes will drop significantly. Contactless authorization will become a preference.
3. Many firms will prefer and make it mandatory to e-sign documents due to the security threat in traditional methods.
4. Although the industry is not nascent, its usage has widened exponentially only in recent years. There are already sound and stable laws governing the use of electronic signatures. But, we can expect a few additional clauses soon.
5. Documentation processes will see increased transparency levels, and the plausibility of signature-based fraud shall dramatically decrease.
6. Although businesses have moved towards conserving the environment, their reach is limited because contracts and essential documents are always required to be signed on paper, perhaps even in multiple replications, with each participant storing at least one copy to safeguard their interests. With digital signatures, corporates can genuinely make a significant effort in reducing the load on the environment caused by paperwork.
7. Reputed vendors are all engaged in enhancing the safety features of electronic and digital signatures. Moreover, reliable brands are already updating their software for reliable and secure UX (user experience).
8. Already the top retail platforms and logistic services use electronic signatures. But, soon, the receipt of every package that is delivered to an office or home shall be authenticated via electronic signatures only.

Stagnating in conventional ways can indeed offer the comfort of habitual ease. However, if your business can adapt to changing times and have an innovative approach to an uncertain future, you can ensure that no matter what industry you belong to, your business will always have a space in the Tomorrow! Learn more about Exela DrySign e-signature solutions here.

Statistical Data Source: financesonline.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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DrySign celebrates this year-end with big discounts on all plans, including the Premium Plan!

DrySign, Exela’s proprietary digital signature solution, allows users to securely exchange legally enforceable signatures from anywhere, anytime, from any internet-enabled device. The platform offers individual, multi-party, and hierarchical signature workflows, and facilitates remote document delivery, document archiving, and full process administration—no paper required.

DrySign is part of Exela's growing suite of home office solutions, focused on supporting agile employees, freelancers, and businesses of all types and sizes as they navigate the transition to remote work arrangements in response to the challenges presented by the COVID-19 pandemic.

August 2020: Drysign launches in the United States, Canada, and India.

September 2021: DrySign launches in the UK and the Philippines.

October 2021: DrySign expands its customer base by 47%.

December 2021: DrySign crosses 17,000 users worldwide.

DrySign is an easy-to-use, secure, and cost-effective electronic signature solution. A smart add-on to the transformative digital journey of your organization, DrySign offers a legally compliant and protected platform to eliminate bulky and traditional paperwork and in-person signing processes. With DrySign, users can sign, send, receive, invite, track, and store documents online, all at a fraction of the cost you spend on paper-based workflows.

With so many good things going, we wanted to share some of our happiness and growth with all of you.

Also Read: Guide to Going Paperless with DrySign

Our exclusive Holiday Offer brings you more than 30% off on any plan:

Annual Plans

Individual Plan: Pay only 58$ 48$!

Professional Plan: Pay only 168$ 108$!

Monthly Plans

Individual Plan: Pay only 8.99$ 5.99$!

Professional Plan: Pay only 16.99$ 10.99$!

Features

Legally compliant Electronic Signatures

DrySign is compliant with the Electronic Signatures in Global and National Commerce (ESIGN) Act and the Uniform Electronic Transactions Act (UETA)

Group Sign

You can invite multiple signatories to sign documents online with this unique, easy-to-use feature. Sleek Dashboard Get a bird’s-eye view of your digital signing history along with status tracking options and a complete document overview.

Audit Trails

DrySign allows you to track your document with time stamps and audit trails every time someone opens a document or signs it.

Custom Notifications & Reminders

You can set up reminders for signers and receive real-time notifications. Stay updated at all times!

Seamless Signature Workflow

A comprehensive electronic signature solution, DrySign offers easy document uploading from multiple sources in multiple formats.

While there are numerous benefits of using an electronic signature solution like DrySign, we are going to list just a few to get the conversation started:

• Save Big COSTS: We are not just talking about our holiday discount here! Eliminate the cost of printing, paper, ink, courier and post, and many other redundant cost heads.
• Be ECO-FRIENDLY: Paperwork and documentation make up over 35% of the global paper consumption. One small step can make a big dent in these numbers. Going digital is going sustainable!
• FLEXIBILITY in Business: We know the importance of being flexible in business post-COVID-19. Sign and upload documents no matter where you are.
• Reduced TURN-AROUND-TIME: From start to end, the journey of a document is of printing, scanning, and sending documents for signatures and receiving them back. A workflow that usually takes 5-6 business days is done in less than 15 minutes.
• Customers love WORKING WITH YOU: Be it the sustainability, the fast TATs, or the flexibility, all these benefits add to the efficiency of your workflow, making customers absolutely love working with you.

With spectacular discounts up for grabs, you can add one more benefit to this list and sign up now!

Take a pause without letting your business stop this holiday season!

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