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With online electronic contracts, the document is created to be read and signed electronically with no paper involved. An example would be to create a contract for products or services on the computer and emailed to a business.
Online contracts refer to contracts that are created and signed over the Internet. Also referred to as electronic contracts or e-contracts, these contracts provide a fast and convenient way for individuals and organizations to enter into legally-binding agreements with other parties.
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Digital contract management refers to an information system that stores and manages a company’s contracts and other contract-related documents. The purpose of the system is to enhance the monitoring of a contract’s life cycle from contract negotiations to electronic signature.
An online contract is simply a communication between two parties in regard to transfer of goods/services. And as per Indian Evidence Act any e- mail communication and other communication made electronically is recognized as valid evidence in a Court of law.
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