BD3

Impact of electronic contracting on the future of business

Name

Institution

Impacts of electronic contracting on the future business of the nation

There are several long term impacts of electronic contracting on the nation 's business . Some of them include : Lower costs in the general running of businesses as sophisticated human practices such as clerical work will be replaced with automated machine processes . This will also improve controls and prove to be more ready in responding to competition (Orpwood , 2008 . Electronic contracting is very easy and convenient and this has led

to a great increase in the national economy . Eliminating the need for physical meetings between individuals entering a contract in to negotiate , reach agreement and finally sign documents legitimizing the business being undertaken , electronic contracting saves a lot of time and effort hence the nation produces more business (Orpwood , 2008 . More income is generated by both the business people and the government as more people take on personal business online inspired by the fast and highly efficient services of e-commerce (Winn 2002 . E-sign Law creates uniformity in that vagueness and hindrances to competent and well organized online transactions created by different states ' laws will vanish . This will create more confidence to individuals undertaking online transactions finally bringing about free flowing business transactions which is healthy to the nation 's economy (Mighty students , 2010

Pitfalls

Two major problems with electronic contracting are automation and speed Electronic communication sits in a functional position between the conventional letter and telephone communications...