Construction today is not built on trust; it's built upon agreement. Only if expectations are clearly defined and communicated can they be met.
There's a huge opportunity to get involved in the boom, with the global construction industry estimated to reach $10.5 trillion by 2023.
Electronic Signatures can help you maximize every opportunity for business development.
eSignly explains the reasons Electronic Signatures add weight to the construction industry.
It doesn't matter if you own your own building company, are a contractor or manage contracts for a large international construction firm.
But the fundamentals of the construction industry remain the same.
- Consider the Market Demand and Perceived Need
- Do a Feasibility Study
- Secure your Business with a Pitch
- Plan & Design
- Purchase and Construct
Construction requires significant capital investments, making it more secure than other industries. You must ensure that your plan is sound and that all parties are on board.
One brick can be a disaster, and the entire project and your reputation could crash.
Electronic signatures for construction make it easy to re-evaluate and maintain your workflow.
Types of Construction Bonds
For people working in various industries, its too easy to see an insurance policy as one piece of paper passed between a firm and a client.
However, every construction project needs a variety of bonds. If the paperwork isn't submitted correctly, workers aren't paid. Businesses could also be subject to sanctions for non-compliance.
Here are some of the most commonly used bonds for construction:
High-Performance Bonds
This protects the owner. They ensure that your project will be carried out with the contract.
Pay Bonds
This protects subcontractors, lower-tier contractors, workers, suppliers, and subcontractors who promise to pay for the completion of services.
BID Bonds
This protects the project's owner. These bonds assure contractors that they will sign a contract to pay the amount they bid if they successfully win the contract.
Guarantee or Maintenance Bonds
This protects the property owner, who states that the local building codes were followed. They also ensure that the building will have no defects or flaws for a specified period.
Licensing Bonds
Sometimes, the state requires license bonds to ensure contractors meet the required qualifications to finish a construction job.
Retention Bonds
An alternative to withholding retention from a project Retention bonds ensures that the completion of the project completes the entire work.
Supply Bonds
Security for contractors and owners and bonding for supplies ensure that building materials and supplies are provided to complete the project.
Every one of the documents utilized in construction projects is there to enable large construction projects to go on for months or even years.
Without bonds, it could be simple for payments to be neglected and the essential materials to be lost.
The bonds that are required for each piece of a construction project render vital social distancing methods impossible.
But stopping construction projects vital for developing urban areas, cities, and states throughout the disease isn't a sensible option. Electronic signatures serve the same purpose as wet signatures. They also aid in avoiding the risk of not heeding social distancing rules.
Why eSignature is a Beneficial for Construction Companies?
Efficiency is key in the construction industry. It doesn't matter if you are a contractor at a local building company or a project manager at an international construction firm.
Productivity can mean the difference between success or failure, between a steady stream and a shrinking client base and a steady stream.
The industry's most trusted provider, eSignly eSignature, is one of the best tools for construction management to increase efficiency and productivity within your company.
eSign, in simple terms, is a technology that allows users to scan, sign, transmit, and receive documents electronically. Although it might seem simple, eSignature has many benefits for the construction industry. Let's look at some of these benefits.
Increase Productivity with Digital Signatures
In many areas of business, there is a common saying: Time is money. It is standard for project deadlines to be delayed for various reasons.
Construction is no exception. However, the waiting must not be triggered by moving or waiting for physical documents.
This problem can be solved quickly and efficiently with an electronic signature. Electronic signatures can be used to sign the document using your mobile phone.
The document will fly electronically in seconds to another end of the globe. You only need an Internet connection and a phone in your pocket. These topics are at the top of people's priorities.
Higher Returns, Lower Costs
The speed of transferring electronic documents and the ease of signing them are real advantages. It also reduces the need to print paper and hold piles of paper.
Imagine that a large construction company has hundreds, if certainly thousands, of agreements each year. Electronically storing physical documents is a massive advantage for any construction company in terms of prestige and finances.
Today's winners are those who present their company as a "green" business.
It is also easier to archive and find electronically signed records. Keep up with the latest business trends by thinking "green".
Confidentiality Guarantee
You may think, "Well, this sounds great, but what about confidentiality?"
eSignly makes it as secure as possible to collect and ensure the safe storage of paper-signed documentation. Why? SSL encryption is used to encrypt all documents.
No matter if your documents are stored or in motion, they cannot be accessed by anyone other than the intended recipients.
eSignly lets you collect legally binding Electronic Signatures. Each signature collects information about the signee's IP address, timestamp and valid email address.
Sound good?
Although most signatures can take several days to collect, they can be collected in hours or minutes if you are in person.
Establish Solid Relationships
Although it can be difficult for construction companies to keep up to date with technological advancements in office management and paperwork, many lessons must be learned.
Any business that manages paperwork well and reduces paperwork will win the trust and support of its partners.
Electronic paperwork is an essential step in respecting staff and project partners. It is a winning strategy for a construction company to demonstrate its commitment to environmental sustainability.
Which organisation will you choose to work with in the future?
Safe Storage for Your Contracts
eSignly gives you an easy way to view, manage and store all of your documentation in one place - and in real-time.
You can see the current status of each document. eSignly allows you to store signed documents and modify access rights.
You can also share them via email with critical people.
Download documents to your personal, organizational filing system.
eSignly is the perfect storage cloud-based storage system for you. It seamlessly integrates with many third-party services.
Construction Business with Security
The key to business development is all about having the right paperwork.
You can create RFIs, proposals and quotes, and purchase orders with just a few mouse clicks.
You can submit your bid online before you send it in. This will allow you to avoid potential conflicts, gaps, or ambiguities that could lead to unnecessary costs for future construction.
You can upload templates from your eSignly dashboard to create proposals, quotations, and purchase orders. Share them with potential clients to get them signed right away.
You can quickly modify any details or negotiate the price to give a proposal or quote immediately.
The eSignly system also has an automated reminder that emails individuals to remind them to sign in on time. eSignly takes care of the chasing, so you dont have to.
After your documents are signed, you will receive an email informing you how to proceed with the delivery of the goods or services.
Protect Your Workforce and Sub-Contractors
Are you a business owner who uses sub-contractors?
By electronically sharing all necessary contracts and timesheets, you can quickly agree on terms and conditions for any project.
You need to hire people for your company. To get a signature within minutes, send the HR documentation and policies.
It doesn't matter if you need a signed non-disclosure agreement or a zero-hour contract.
The Uniform Electronic Transactions Act and ESIGN
1999 saw the introduction of regulations to allow the legal use of e-signatures in government and commercial transactions.
It's been around for quite some time. Uniform Electronic Transactions (UETA), a state law, established the legality of e-signatures in states that adopted the regulations.
47 states have adopted UETA. However, the regulations in each state were different. This led to conflict between states. New York, Washington, Illinois, and Illinois did not adopt UETA regulations.
However, each state adopted its laws to regulate e-signatures.
UETA was followed by federal law in 2000 to end conflicts between state eSignature laws. Electronic Signatures in Global and National Commerce Act (ESIGN) affirms that eSignatures have the same legally binding properties as a pen and a paper signature.
It doesn't override any state laws. It instead pre-empts inconsistent state law.
UETA and ESIGN define the legality of e-signatures but do not address the importance of notarization.
eSignature Trends that will Shape the Construction Industry in Upcoming Years
We are in the midst of an eSignature boom. With businesses moving to the cloud rapidly and employees settling into remote offices, eSignature is quickly becoming an indispensable tool in this new digital workspace.
It's a great time to review the signature management system in your company and brainstorm new ways to grow.
eSignly has analyzed the current trends and studied eSignature's recent growth. Six predictions have been made about the future of eSignature in 2023 and beyond.
Artificial Intelligence Will Transform Paperwork
Artificial intelligence has made it possible to search for and retrieve information from images, videos and documents.
Many companies report that remote work has increased employee productivity, contrary to what was expected.
One trend likely to be seen soon could be the rise in AI in online document signing. AI is a technology that is making its way into many sectors and industries around the globe.
We've all heard about it before.
It can, however, be a benefit to both users and providers in the digital signing world.
It is possible to expect AI to enter our world through automated systems. AI can identify the documents that should be created based on entry data.
This allows AI to choose the appropriate template from a library and prepare it for signing.
Mobile Usage Rises
Our phones are essential to our daily lives. Our smartphones allow us to do everything today using our smartphones.
We will see an increase in the use of mobile devices to sign documents digitally.
One-time passwords are a security method that can be used to sign documents online. You can verify your identity using these methods.
We can also see the methods we use.
Mobile document signing using the same digital identity will continue to grow as digital identities are created.
This will make mobile devices even more important than they are now.
Shared Services Model Will Accelerate Enterprise Digitization
Digital transformation initiatives, such as using smart digital forms and eSignatures, are usually initiated within one line of business.
Many examples of account openings in retail, commercial, remote financing, and online insurance applications exist. This is a typical example of how a business unit can digitize to solve a problem. However, this can cause problems.
You will end up with a duplicate and redundant solutions if you don't have a strategy for distributing the technology throughout your company.
As enterprise digitization efforts scale up and e-signatures adoption increases, more organizations will adopt a shared service model.
This model allows the application to be centrally deployed within the organization so that many business units and individual departments can access it. This allows your company to standardize its approach to transformation.
Contactless Technology Will Increase Contract Validation
Melbourne's Avalon Airport has recently introduced touchless self-service to passengers in response to COVID-19.
Bag drop stations use facial recognition to match passengers with their luggage. Passports are also being screened at a distance. This is especially important in the post-COVID world.
Businesses are leveraging various industries' advanced biometric technology, such as facial recognition, to provide secure, contactless data validation.
eSignly already allows multi-factor authentication via facial recognition (FaceID) and fingerprints (Touch ID) in the eSignature area. It is expected that other digital workflows will follow this path and integrate biometric and contactless security features soon.
Digital Agreement Collaboration Will Expand to Include New Functionality
Too often, eSignature is not involved until the end of an agreement process. Each party might develop an agreement, negotiate it traditionally, and then use eSignature to complete the last step.
Although this process is still a significant improvement on traditional paper-based processes, it doesn't fully realize its full potential. Recent research has shown that electronic signatures software are critical to enabling digital workflows.
A document must not be printed, signed, or scanned. The effectiveness of digital tools has shown that an entire agreement workflow can be kept digital over the past few years.
As companies integrate digital products, this will continue improving their workflow's robustness.
Employees have developed a comfortable way to use various digital tools in the new hybrid workspace. These tools will be connected to create a seamless end-to-end workflow.
Digital signing will not be limited to signatures. It will host virtual negotiations via video or chat solutions and allow for real-time cooperative contract revisions.
The new system will enable people to do more with the technologies they already know. This will also allow companies to enhance their digital tools for employees, which will translate into better customer service and competitive advantage.
You will Have Unforgettable Experiences
The world is moving into new post-pandemic business patterns. Technology must be used to replace manual processes.
Touchless interactions are a desirable option. This allows consumers to avoid any physical contact with other people or technology. McKinsey reported that there had been a 20% increase in preference for contactless operations in the United States.
Instead of using a pen to fill in a paper clipboard before a medical visit, patients can use their devices to identify themselves and provide personal information. They can even sign the paperwork electronically.
To create these touch-free environments, you need to do a lot of technical groundwork. Some are more difficult than others.
You must plan your journey to take customers on a touchless journey. Then, create the digital tools to help make it happen. Do your research and find the right vendor for you?
The Key Takeaway
Construction companies now have new reasons to use e-signatures. It can streamline many processes throughout a project.
E-signatures not only streamline billing and work processes but also allow businesses to go on as usual without risk to their health. eSignly software professionals can help you learn more about eSignatures for construction.
Schedule a demo to see how eSignly software can simplify your construction process.
