A virtual agreement is a legally binding contract that is created, signed, and enforced through the use of technology. This type of agreement often replaces traditional handwritten contracts, as it can be monitored and managed more efficiently. By taking advantage of digitization, virtual agreements are also more secure than traditional methods. Using encryption, digital signatures, and other sophisticated tools, a virtual agreement ensures that all parties involved uphold their commitments in a clear and concise manner. Additionally, using a virtual agreement improves the efficiency of document signing, amendment and archiving, allowing businesses to execute transactions quickly and securely.