I have been researching how other countries are adapting to digital contracting. In Sweden, Skye Contracts promote contracting based on:
They are interested in tremendous templates, clarity of thinking, data-driven decision-making as well as using processes that work for your business. As they state in their e-book:
The new world situation demands that all organisations start using digital contracts5 Easy Steps to Go Full Digital with Contracts
2020 demands digital contracts because:
- you need to be able to find your contract in seconds so you can analyse your rights and remedies given the ‘new normal’
- you need to adapt to digital contracts by using existing tools rather than invest in shiny new platforms or software – it is simple enough to create electronic contracts with electronic signatures in Adobe or to add electronic signatures to pdf documents using DocuSign
- you need to make decisions based on up-to-date data which includes data from your contracts and projects – it is far harder to extract data from paper-based wet-signed contracts (especially those located in an archive on a closed office site)
- you need simplicity – in times of uncertainty, simple clear contracts can help reduce the stresses of doing business. Skye’s e-book says ‘do not write more than you need… to understand the contract‘.
- you need everyone to use your contracts – if they can’t, train everyone to carry out their part of the contracting lifecycle effectively; help them read, understand and use your contracts to help your business to thrive.
What should you do?
Decide if you are ready for digital contracts, decide the data you need from them, and use new platforms or existing tools to create simple digital trust-based contracts – fit for the demands of 2020!