DocuSign is a company based in San Francisco, California that is considered by many to be the industry leader in electronic signature (e-signatures) technology. DocuSign’s software allows parties to sign contracts and other documents electronically rather than signing them with pen and paper. This eliminates the need for parties signing a contract to be physically present at the same location. The technology also provides important security protocols. Signed documents are uploaded and encrypted with a unique hash. The hash can later be compared to a document to ensure that no one has tampered with the contract or other uploaded document.
The importance of electronic signatures (e-signatures) continues to grow in business and has been specifically endorsed by federal legislation. Congress passed the Electronic Signatures in Global and National Commerce (ESIGN) Act in 2002. The ESIGN Act facilitates the use of both electronic signatures and electronic documents in international and interstate transactions. In addition, individual states can and have passed laws that ensure the validity and protect the enforceability of electronic contracts.
The commercial growth rate of the usage of e-signatures is significant, confirming that businesses have quickly adopted the technology. In fact, many of our readers already rely upon e-signature technology. Moreover, research indicates that growth of the use of electronic signatures (e-signatures) will continue. Researchers have recently predicted that the e-signature market will continue to grow globally through 2023 at a double-digit yearly growth rate, with a compound annual growth rate of 34.7%.
ContractSafe provides for easy integration with DocuSign electronic signature technology, making it easy to store and organize DocuSIgned contracts in ContractSafe. ContractSafe already uses OCR technology and stores all of a company’s contracts in a central repository. Now, with DocuSign technology integrated into the contract management software, the process of obtaining electronically all of the necessary signatures for a contract could not be easier.