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The initials field acts in much the same way as the signature field. Signees can draw their initials using their mouse or touchscreen, upload an image of their initials from their computer or render their initials (type their initials and choose a font). [What are the use cases for this feature Krzysztof Bogdan (Unlicensed)? As in, why initials and not a signature?]This is useful if you would like signees to initial particular sections/terms of the contract to confirm their understanding.
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Adding a text field to a document allows a signee to add free text to a document. Therefore, if you need to make multiple contracts that are the same but for the name, address, and perhaps a few other terms, you can add a free text field to add in those details. That way, you don’t need to duplicate the whole contract on another Confluence page every time. Each agreement will be added as an attachment to the same page.