In today’s keynote State of Digital Contracting 2021, we’re talking about the new standard of contracts. While we won’t spoil the incredible lineup of content we’ll be covering during the event, there is something we can’t wait any longer to share.
While you may not be familiar with the name “clickwrap agreement,” you’ve definitely signed one, probably today—and they’re a significant part of the future of digital contracting.
This is why we’re excited to announce something that represents an unbelievably exciting time, not only in our company’s history, but also in the landscape of digital contracting: Ironclad has acquired PactSafe, the leader in clickwrap technology. We’re adding the Clickwrap Transaction Platform (CTP) to make enterprise clickwrap available to all Ironclad customers and the world.
That’s right: The Ironclad family is getting bigger, and we’re thrilled to finally be able to share what this means for our customers and the larger digital contracting community.
Who is this solution for and how will it work?
Together, Ironclad and PactSafe are setting the new standard of digital contracting. Ironclad is the only company in the contract lifecycle space to cover all contracting use cases, from highly negotiated agreements to click-to-accept.
If you’re a company that handles a high volume of agreements and you would benefit from faster online transactions, clickwrap is the perfect solution for you.
What is PactSafe?
PactSafe’s innovative Clickwrap Transaction Platform (CTP) is the only purpose-built clickwrap solution on the market, giving companies the power to abandon rigid, linear legacy signing in favor of flexible, and enforceable, clickwrap.
Based in Indianapolis, Indiana, PactSafe helps B2B SaaS, e-commerce, and enterprise companies update online legal terms, track and process acceptance of those terms, and streamline internal contract processes.
After facing the pain of tedious manual and linear business contract processes, Attorney Brian Powers, founded PactSafe in 2012. Joined later by Eric Prugh and Adam Gillaspie, the trio created a high-velocity acceptance, end-to-end clickwrap contracting solution for legal teams and forward-thinking companies.
From the very beginning, PactSafe’s primary mission has been to push the limits of contract acceptance velocity and volume, and has done so by defining the Clickwrap Transaction Platform (CTP) category and dominating the market. CTP is designed to streamline the creation, management, and execution of legal content, contracts, and agreements.
In 2020, Aragon Research named the company a hot vendor, an emerging provider and an innovator.
What is clickwrap?
A clickwrap agreement (also known as click-through, click-accept, or click-to-sign) is an online agreement that users accept by clicking a button or checking a box that says “I agree.” It is the modern version of the old school shrinkwrap agreement that came with on-prem software, which stated that by opening the package you agree to the end-user license agreement or other user agreement.
Clickwrap is mostly commonly used for high-volume, low-complexity contracts like Terms of Service and NDAs. It can be embedded on a site or an app, hosted at a dedicated URL, or delivered via SMS.
Clickwrap agreements are the fastest way to collect acceptance to online terms. When properly executed, clickwrap is also an elite way to ensure an enforceable, auditable trail of acceptances for your online agreements. Clickwrap agreements are used in sign-up, login, and check-out flows, because it allows for minimal disruption of the user flow while also checking the proverbial legal box.
To put it simply, clickwrap streamlines the contract process for both parties with one literal click.
What am I able to do now that I couldn’t do before?
Ironclad now has the flexibility to process any type of contract—both highly negotiated and click-to-accept, now you can replace your in-house builds and work-arounds.
Not only can you handle any type of contract, you can also rest easy knowing Ironclad can help you handle any volume of contracts — without fear of litigation.
PactSafe is the only solution purpose-built built for processing clickwrap in accordance with the E-Sign Act, enabling you to automate audit trail creation and centralize acceptance proof, so you can truly trust the compliance and efficiency of your clickwrap agreements.
Ready to power your contracts with clickwrap? Request a consultation here.
Ironclad is the #1 contract lifecycle management platform for innovative companies. L’Oréal, Staples, Mastercard, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It’s the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. The company was named one of the 20 Rising Stars on the Forbes 2019 Cloud 100 list, and is backed by leading investors like Accel, Y Combinator, Sequoia, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and Twitter.
More stories from our team.