The Green Sheet Online Edition
November 26, 2007 • Issue 07:11:02
Sign on the dotted line - online
ContractPal Inc. asks a simple question: Why are legal contracts still stuck in the antiquated, paper-based 19th century when the tools and technology are readily available to make them electronic and paperless in the 21st?
It's a legitimate question, given the substantial improvements in the way the business world integrates the Internet into virtually all of its aspects, including the legal realm where doing case research online and document templating are de rigueur.
But that can't be said for contracts, which stubbornly remain paper-based. ContractPal argues that contracts between ISOs and merchant level salespeople (MLSs) and their merchant clients, for instance, have not migrated online because no company has yet developed a suitable Web-based platform that offers a fast, reliable, affordable and user-friendly interface.
But ContractPal thinks it has the solution with its online, on-demand contracting system - the first of its kind, according to ContractPal.
ContractPal is based on the five legal mandates set forth in the federal Electronic Signatures in Global and National Commerce Act of 2000: authentication, enforceability, legal compliance, user-role enforcement and data validation.
ContractPal blocks unauthorized users from making changes to online contracts; protects access to sensitive data; ensures that contracts are completed and digitally signed by all parties, including out-of-towners; complies with company policies and legal regulations; and provides an end-to-end audit trail of all transactions, providing oversight and security to the entire process.
ContractPal's platform is customizable for contract creation and closure. It's a flexible service as well, taking into account the negotiating process and the inevitable last-minute contract changes. And it claims it can transfer all of a business's paper-based contracts into electronic form within weeks, not months or years.
ContractPal promises to deliver all these services "at a price point that is truly remarkable."
Of particular interest for ISOs and MLSs are two contract demonstrations of merchant and reseller agreements, which can be set for ContractPal's clients.
The Merchant Pal is designed specifically for payment processing and demonstrates the process of an ISO signing up a merchant, filling out the required forms and making the required calculations.
The Reseller Agreement (another type of Pal) takes an applicant and a company officer through the required steps of the application process.
ContractPal stated its Pals are easy to set up, while outside agencies would take months to develop and test similar Web-based contract applications.
To take a demo of ContractPal, go to www.contractpal.com/demos.html.
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