A new digital signature system promises to slash the time costs of the approval, authorization and document sign-off process by eliminating the need for paper contracts.
With the just launched Signadoc product, any transaction that requires an enforceable, permanent and secure business record can be completed and signed online using a standard web browser, its makers Simplicity Ltd. of Cambridge, UK said.
Sold as software for legally enforceable electronic signatures and paper flow technologies, the Signadoc system can be implemented as a web server-based system or hosted as a managed service from one of the vendor’s European hosting centers. It can be used to sign and archive any electronic contract, form or document, and includes features for digital signatures. There is nothing to download or install on the desktop, according to its developers.
The product is being targeted at contract managers working in insurance companies, building and construction, surveying, and the legal profession.
Traditionally, even though every other stage of contract drafting, amendment and finalization can be carried out online, the actual signing, by comparison, will often involve all signing parties meeting, or signing the relevant pages and faxing them to each other. The signed original is then usually couriered to the other party or back to one of them for consolidation into a single signed version. This process is not only prone to delay and uncertainty but can also be the most costly and time-consuming part of a contract agreement.
Simplicity is part of privately owned Simplicity Software & Technology Group Holdings.