Can a Contract of adhesion be signed in a Virtual Data Room?

Do you need to sign an important deal contract? Do you want to stay safe during the procedure? Virtual Data Room is a software tool that includes both standard and industry-specific solutions.

What is the adhesion contract?

An adhesion contract is a contract, the terms of which are determined by one of the parties in the rules or standard forms, to which the second party to the transaction cannot make changes. It differs from other types of agreements in the unequal negotiating positions of the parties. Freedom of will in concluding a deal, in this case, is expressed in the ability to refuse it, only one party has the right to form conditions. In this respect, it is similar to a public agreement, in which the free will of one subject is also limited; accession to a public contract is made at the request of the consumer (customer), and the seller (performer) is obliged to conclude a contract with anyone who turns to him within the framework of his activities.

The most striking examples in which cases an adhesion contract is concluded:

  • insurance;
  • lending;
  • issuance of microloans;
  • provision of banking services;
  • provision of utilities.

An important feature is who signs the adhesion contract. This is not necessarily a manager, director; often the authority to conclude is given to ordinary employees: agents, specialists, managers. In any case, they have a power of attorney to carry out such actions and sign contracts, certified by the management.

The procedure of contract of adhesion signing in a Virtual Data Room

During the adhesion deal, much confidential information is analyzed. Thus, there is a need to organize a secure data warehouse for file-sharing, storing sensitive data, and collaboration between parties. In this case, we are talking about Virtual Data Room software. So, how to sign the contract of adhesion in the Data Room?

Digital Data Room is a multi-functional communication platform for participants in a certain market that is equipped with basic services that optimize the number of transactions and user costs.

Your company will find out the greatest productivity gains when all clients ‘go digital’ and make use of a secure portal to exchange documents. Look for a system you can tailor to organize and communicate with clients in a straightforward way that clients will easily get to know and understand. 

Virtual Data Rooms are perfect tools for making deals due to the following options:

  • Client contacts should receive an email notifying them that their new portal is ready to use; they simply follow a link to log into the portal site. 
  • Multiple contacts per client company may be given access to the portal.
  • Documents or list of required files is easy for the client to view and respond to. For each required document, they may upload a file, tag it as NA, or indicate that the document was provided by another means.
  • The necessary level of protection in the virtual data room can best be achieved with a confidential computing approach. This special technology enables companies to store and transmit their data in encrypted form and to process them in a sealed manner.
  • Software support 24/7. Using the program in the cloud, you have the opportunity to receive consulting support from our specialists. Now you can issue an invoice to the client, not from the office, but the phone, finish work at home, if the situation requires it, work remotely at any time, without reference to the work schedule