Get Weekly Coaching Tip
Ready to Grow Your Business Fast?
Here’s How I Grew Five Businesses, and Eventually Sold One to a Fortune 500 Company.
6 Reasons Why Businesses Should Use Online Contract Maker
Do you have a business? Do you have any partnership agreements with other businesses, independent contractors, or vendors? If so, you should consider using an online contract maker.
Using an online contract maker will ensure that all your contracts are up-to-date and legally binding.
It can be complicated to prepare contracts on your own. First, you need to make sure that the agreement is explicit and elaborates all the business terms. Then, you must also understand what your obligations are under it.
Sometimes, legalities require specific clauses to be included in the contract. So, for example, if you’re contracting with an overseas partner, then there are also dispute resolution procedures that might need to be spelled out in the contract as well.
When it comes to entering into agreements with others, it’s essential to do so responsibly for both parties involved. So, this article will discuss six reasons why using an online contract maker is vital for your business. Let’s start:
1. Legal obligations and an online contract maker
The first reason why using an online contract maker is essential for your business is legal obligations.
When you’re entering into agreements with others, it’s essential to make sure that a legally binding document covers all your legal obligations. It ensures that there are no conflicts between the terms of the contract and your legal rights.
On the flip side, if you use a manual contract, you must ensure that all of the legal obligations are being fulfilled. In addition, since it will be a manual task, it will consume a lot of your precious time that you could spend growing your business.
Or, if you hire an experienced person for this purpose, you will have to pay them a fixed salary every month. Not only the salary but also the cost associated with hiring the right person for this job will just be another cost for your business.
If you are a large enterprise, these costs may not affect you. However, for a fledgling business, these costs can indeed break their bank. So what’s the solution? It is to use an online contract maker that will take away all your hassles associated with the legal obligations of a contract.
If you are confused between multiple contract makers online, Bonsai’s online contract maker is reliable and useful in almost any use case. In addition, it offers tons of features that a business, especially a freelance business, agency, or individual, would require the most.
Bonsai has an arsenal of pre-made, frequently used contract templates to choose from, such as Service Contract Template, Non-Disclosure Agreement Template, Videographer Contract Template, and many more.
The captivating thing about them is that they all are legally binding. They include all of the necessary clauses, so you don’t have to worry about missing any essential terms of your business with the other party.
2. You get tons of pre-made contract templates
Another cost associated with manual contracts is their design. Had it been about designing a few contract templates, you could have continued with the conventional, manual way of contract making. But, since you come across different deals every day, you need different contract templates.
So, to get each new contract template designed every day would not be a wise choice. Not only will it cost you a lot, but it will also consume much of your time every day. So, to optimize this process, you need an online contract maker.
An online contract maker would provide you with the templates of almost all frequently used contracts. You will also have an option to customize the pre-made templates to tailor them to your exact needs.
These pre-made templates include but are not limited to:
- Employment Contract Template
- Consulting Agreement Template
- Vendor Contract Template
- Product Design Contract Template
- Professional Services Contract Template
Simply put, you will get access to many pre-made templates to save much of your time. Remember: all of them are legally binding, so you don’t have to worry about missing out on any essential legal clauses.
3. Protecting your business
Before entering into partnership agreements with others, you need to make sure that you’re prepared. One of the best ways to protect yourself is using an online contract maker.
Your business needs to enter into agreements with others in a clear and enforceable way. Therefore, whenever entering into a deal or partnership, it must be made sure that every detail is incorporated in the contract. Neglecting even a subtle detail may cost you a lot in the end.
Also, you must know the legal clauses that give you the right to make those details enforceable in the future.
For instance, if a dispute occurs between you and the other party at any later time, you will have this contract to present against them in court.
If you don’t have it, or even if it is missing the crucial details, clauses, and the opposing party’s signatures, the contract will lose its significance in the eyes of the law.
It all comes down to the point that you must incorporate all the details, clauses, and signatures into your contract to add a bar of protection for your business. Yes, it is humanly difficult, but an online contract maker can help you do it within minutes.
4. Easy to create
At times, a generic, pre-made contract template may not cater to your specific need. So, you need a customized contract template that incorporates the specifics of your deal. It may sound like a hectic task, but it is as easy as inputting your specifics.
Firstly, you will have to choose a pre-made template that best resembles the contract you want to have. It would have most of the details you want, but you can add those it lacks by editing it.
Then, the online contract maker will walk you through the whole process in an easy way. It will show you the guidelines of what needs to be done, making your task much easier.
Usually, these steps would include adding your basic information, the scope of the work, payment details, and more.
At the end comes the best part—the digital signature that legally binds the parties. Once you are done editing your contract, give it a thorough review. Then, you can digitally sign the contract and send it to the other party for their digital sign.
5. Low cost with an online contract maker
An online contract maker’s cost is considerably lower than the cost if you create them by yourself.
You’ll probably need a document designer if you can’t do that by yourself. But, then, you may also require some legal help to know about your rights and the other party’s rights in that scenario.
Doing all of it would require a lot of time that in itself is a cost. Also, this way becomes a lot more demanding if you have to sign many contracts every week.
On the flip side, you can remove all of these hassles by using an online contract maker. For instance, Bonsai’s online contract maker would cost $19/month for its basic plan that comes with many benefits.
Not only the contracts, but it can also help you with invoicing, time-tracking, project management, and many other important business tools. So, it’s a bundle of many benefits besides your primary contract-making needs.
As also mentioned earlier, the contract you’ll create with an online contract maker will include all the contract essentials, such as legal obligations, clauses, and ready-to-sign. Hence, you don’t have to bear any further costs other than buying the above-mentioned plan.
6. Supporting relationships
Contracts are a big part of business. As your business grows, so does the number of contracts you might have with others. So, as your company expands, it’s essential to make sure that everyone involved understands their obligations and responsibilities.
Using an online contract maker would be a great way to ensure that all parties are clear on what they agree to. It will also provide an easy way for you and your business partners to communicate back and forth about any changes or updates in the agreement.
Since it will all be an online process, the communication will be real-time as well as hassle-free. However, as described in the process of an online contract maker above, you will have to send the signed, reviewed contract to the other party for their review and sign.
If the other party requires any modification, omission, or addition to the contract specifics, they can easily communicate. So, it will ensure that the binding parties are on the same page.
This way, an online contract maker supports the binding parties’ relationship and minimizes the chances of dispute at any later stage of the business.
Wrapping up the reasons for an Online Contract Maker
Simply put, contracts are a necessary part of doing business, and you need to make sure you have the right ones in place to protect your company. But what if you’re not a lawyer and don’t want to pay for one? What do you do?
Luckily, you can use an online contract maker that can help you create the perfect contract in minutes. It cuts down on time and costs, and it also prevents costly mistakes when you’re filling out the contract yourself.
To elaborate on these points, this article mentioned six main reasons why businesses should use an online contract maker. We hope you enjoyed it. So, if you are not currently using an online contract maker, now is the perfect time to start.