globalCOAL
Executive Summary
Customer
globalCOAL, provider of the world’s leading coal trading platform
The Goal
Modernize business processes and make it more convenient to access the Standard Coal Trading Agreement
The Problem
The administrative burden and time delays of paper contracts
The Solution
Use e-SignLive™ to enable customers to sign contracts online
The Result
38% increase in coal brokered by globalCOAL in 2010
The Success Story
In 2010, globalCOAL, provider of the world’s leading coal trading platform, brokered more than 79 million tonnes of coal, an increase of 38 per cent over 2009. The company had previously employed a paper-signing process to give clients access to its Standard Coal Trading Agreement, but the administrative burdens and time delays were a challenge—especially when dealing with international time zones and pressing business needs.
By using e-SignLive™, globalCOAL has made it faster and more secure for its customers to sign its Product Licensing Agreement, giving them access to its Standard Coal Trading Agreement—the most established sale and purchase contract in use in the coal market.
“We recently embarked upon a modernization of our business processes, so we started looking at credible e-signature solutions that made it more convenient to gain access to our trading agreement. e-SignLive™ gave us that capability and confidence,” said Eoghan Cunningham, CEO of globalCOAL.
e-SignLive™ enables you to integrate e-SignLive™, quickly and easily, using standard web services, such as REST and JSON. You can then tailor the user interface to match your company’s branded website and apps. Plus, the entire e-signing web process, from start to finish, is recorded, creating an audit trail that provides much stronger legal evidence than is possible with traditional pen and paper.
“Given our growth and the nature of our business, we wanted a robust independent e-signature solution that provided us with the ability to both audit the signing process and produce irrefutable evidence of signing intent,” said Cunningham. “In addition, e-SignLive™ gave us the ease-of-use and brand control we needed.”
About globalCOAL
As well as creating the world’s leading online trading platform for seaborne thermal coal, globalCOAL has made several other important contributions to the development of the international coal market. It established a range of standardized coal quality specifications, which is embedded in its Standard Coal Trading Agreement (SCoTA®) and a robust methodology for coal price index calculation. globalCOAL is also cooperating with the leading energy exchange ICE Futures Europe to develop the coal Futures market.
