The Legal Industry involves lot of paperwork which needs to be taken into consideration with aspects like minute details and security. Due care needs to be taken when dealing with the legal Industry in terms of document security and their safe storage. Multiple parties are involved in a certain legal transaction and so that each party has to be aware of the same happening.
The paperwork in the legal Industry makes it too way complicated to prevent this security to the documents and hence paperwork hassles are always a pain.
Going paperless and signing documents with Digital Signaturewill simplify these document signing processes and hence increase the security to documentation.
Some common benefits of adoption of digital signatures into the legal Industry:
With various acts around the globe, Electronic signatures carry the same weight-age like a wet ink signature carries globally. Once you sign an agreement electronically Cygnature ensures that it is tamper proof and cannot be changed anyways. Above all after the signing process happens Cygnature gives you a certificate of completion that mentions all details about all the parties involved in the signing process. The details that the certificate includes are signers email ID’s IPs’, browsers details, latitude, Longitude, Google Maps location, device details etc. Hence once document signed it gets timestamped on then there cannot be any change to the document.
Save time and increase productivity
Cygnature helps in reducing the cost of administrative tasks, such as printing, faxing, scanning, overnight mailing, and storage. Overall when there is alteration these manual process of signing documents, your resources end up increasing productivity and efficiency into the business process.
Increased Traceability, Security with Smart contracts
When you sign documents with Cygnature it is ensured that there is no tampering done to the documents by tracing every step of document in Blockchain that helps to trace history of the document changes through a series of timestamped chain of data to ensure data integrity. A added advantage with Cygnature is that it gives Multilayer security such as biometric, live signing or National ID Signing. The enablement of Smart contracts eliminates the traditional agreement process between clients and reduces the transaction time by up to 80%.
Some Common Legal documentation that can be signed on Cygnature:
• Signing of Contracts and Legal Agreements between Clients, MSA’s, Approval agreements
• NDA’s between Clients and service providers
• Partnership Agreements between partner companies for service and share terms
• Board Resolutions written by legal department for approvals from the higher management
• Joint Venture agreements between partners defining the terms and Shareholder Agreements
• Shareholders agreements between the internal and external stakeholders defining the terms
• A memorandum of understanding (MOU or MoU) formal agreement between client and service provider defining the terms of official partnerships.
• Intellectual Property Licensing to licensing authorities
• Retention/Fee Agreements between the client and service provider
• Confidentiality Agreements between internal departments
• Power of Attorney Agreements between internal teams and higher management