An electronic contract, often referred to as an e-contract, is a contract created, signed, and stored in digital form, without the use of traditional paper documents. These contracts utilize electronic means for various stages of the contract lifecycle, from creation and negotiation to execution and storage. Overall, electronic contracts offer efficiency, convenience, and cost savings compared to traditional paper-based contracts.
Electronic signature is a digital representation of a person's intent to sign a document. Electronic signatures, including those from solutions like DocuSign and Adobe Sign, are legally binding and widely used in digital contract execution.
Elements of a Contract
Elements of a contract are the essential components required for a contract to be legally binding. These typically include an offer, acceptance, consideration, legal capacity, and a lawful purpose.
A contract between an employer and an employee, outlining the terms and conditions of employment. It includes details such as roles, responsibilities, compensation, and other employment-related terms.
Enforceability is the legal validity and ability to enforce the terms of a contract. A contract is enforceable when it meets all legal requirements and can be upheld in a court of law.
A company or provider, like Malbek, that specializes in offering comprehensive and scalable CLM solutions to large organizations, typically at the enterprise level. These vendors design and deliver CLM solutions or systems that assist businesses in managing the entire lifecycle of their contracts efficiently and effectively.
Enterprise Resource Planning (ERP) Software
Enterprise Resource Planning (ERP) refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations. A complete ERP suite integrated with CLM software helps plan, budget, predict, and report on an organization’s financial results.
Enterprise Service Agreement
Enterprise Service Agreement is a comprehensive contract that outlines the terms and conditions for services provided by a vendor to an enterprise. It often covers multiple services or products.