How To Create Contracts Online: A Must-Read 

Do you know why small teams, large corporations, remote teams, and freelancers are taking a bold step to move their contracts online? It helps to avoid errors, enhance visibility, save time, and encourage faster closings.

The primary focus of this guide is to discuss how to create contracts online, including companies considered leaders in this space. Continue reading for more details.

How To Create Contracts Online

Here is a guide you can follow to create an online contract.

• Contract definition:

The first step is to define the purpose of your contract. Who are the parties involved, what is the contract duration, obligations, terms, payments, etc?

• Use great templates:

Ensure your templates are professional. Having a reusable template improves efficiency.

• Workflow and approval setup:

Define who drafts, signs, and reviews the document. Arrange them in an orderly manner.

• Make your draft clear:

It’s important to use the correct language when creating contracts. Use clear and simple-to-understand language.

Other steps include:

• Incorporating the right terms for changes, contract termination, or renewal.
• Make it possible for recipients to add their digital signatures.
• Organize your online contracts in an orderly manner.
• Monitor contract performance and obligations.
• Keep track of the engagements of stakeholders
• Audit and compliance.

Advantages of Creating Contracts Online

Why are companies creating contracts online, and why should you consider doing the same thing?

The size or nature of a business doesn’t matter when it comes to online contract creation. Regardless of the industry, the process is beneficial for businesses.

Before discussing companies considered leaders in online contract creation, let’s discuss the key advantages of online contracts.

1. Improves speed and efficiency:

Mailing, printing, and scanning are crucial processes in business. Unfortunately, these processes take valuable time.

By creating online contracts, you can improve your speed and efficiency. Having a proper workflow, e-signature, and templates helps eliminate the unnecessary delays caused by printing, mailing, and scanning.

2. Reduced cost and paper usage:

Every business owner is looking for ways to reduce the cost of operation. And one of the ways they are achieving this is by creating online contracts. This process helps reduce paper usage, lowering storage demands. With significantly reduced paperwork, businesses can cut costs, too.

3. Ensures consistency and improves accuracy:

When a business already has version control and pre-approved clauses, including the clause library, it helps to prevent costly mistakes.

There are numerous benefits that online contracts offer. Now, let’s discuss the companies considered leaders in online contract creation.

 5 Best Companies For Online Contract Creation 

1. GetAccept:

Several factors make GetAccept the leading choice for businesses seeking online contract creation.  Aside from creating and sending contracts, GetAccept goes the extra mile to manage the contracts’ entire digital lifecycle.

In addition to drafting and negotiation, the company is actively involved in tracking and renewing online contracts. They provide e-signature, quote tools, proposals, and efficiently manage your smart contracts.

GetAccept: Key Features

These are some of the features GetAccept offers that set them apart.

1. Contract, templates, and proposal builder:

GetAccept provides a builder that enables businesses to create and reuse templates. The builder allows businesses to create accurate proposals and contracts.

2. Electronic signatures:

GetAccept helps businesses obtain e-signatures that are legally binding. The best part about the signatures they provide is that recipients can sign them via any device.

3. Price and quote configuration:

You’ll have the freedom to generate quotes for your clients, configure the products and services, pricing, and incorporate them into your contracts and proposals.

With this feature, businesses can prevent pricing errors that can impact trust, improving proposal creation.

4. Mutual action plan: 

This feature is crucial for businesses to handle complex and long-term contract negotiations. It lets businesses collaborate and align with buyers, helping each party understand what needs to be done and when.

The MAP feature enables businesses to track contract negotiations effectively, whether simple or complex.

5. Tracking and Analytics:

GetAccept’s online contracts help businesses obtain a deeper understanding of buyer behavior. You’ll know when someone opens your document, the portion of the document viewed, and the stakeholder involved. This feature allows efficient follow-ups.

6. Security and access control:

With features like audit trails, you can know who changed any part of your document, and when. You can also decide the level of permission you want to give to the recipient.

GetAccept’s online contracts are highly sales-focused. They give users the ability to track and know how prospects are engaging with a document.

Here are other companies creating online contracts.

2. Ironclad:

Ironclad is a San Francisco-based company providing contract lifecycle management (CLM) tools for businesses. This tool helps businesses to simplify contract building, negotiation, and tracking.

Ironclad offers a feature-rich online contract management tool, helping businesses operate efficiently.  Their list of features includes documentation automation and integrations with popular tools.

This software also supports AI-assisted redlining and a central repository for contracts.

3. SpringCM:

Now considered part of DocuSign, SpringCM delivers feature-packed tools for documents and contracts management. This tool manages the entire lifecycle of the document, from contract creation to tracking.

SpringCM also has other helpful features, including mobile access and workflow automation. It offers support for content management and boasts strong integrations.

If you’re running an organization that is seeking robust document governance, SpringCM is a wise choice.  It is built to handle the demands of companies managing complex workflows.

4. ContractWorks:

This company’s online contract creation tool is more straightforward with respect to contract lifecycle management. It is a breeze to use and boasts an accessible dashboard for contract statuses.

 

With its ease of use and rapid deployment, ContractWorks is a wise choice for companies seeking a reliable and more straightforward online contract setup. It is also a breeze to customize.

5. Icertis:

 

This company focuses on enterprise contract intelligence. They create online contracts that help companies with large contract portfolios operate efficiently. These include maintaining governance, ensuring strict compliance, and risk management.

 

Icertis also uses artificial intelligence and machine learning to highlight problematic clauses in contracts, including compliance issues. These features make the software a wise choice for large corporations.

 

Conclusion

We have discussed how to create contracts online, and the companies considered leaders in the industry. Having an online contract helps to improve visibility and save time.  It helps businesses to be more efficient and close deals quickly, including managing errors.

Having an online contract is beneficial for businesses, regardless of size and industry. It helps businesses avoid pricing and other errors that can damage their reputation.