The numerical and computational aspects of the overlap formalism in lattice quantum chromodynamics are extremely demanding due to a matrix-vector product that involves the sign function of the hermitian Wilson matrix. In this paper we investigate several methods to compute the product of the matrix sign-function with a vector, in particular Lanczos based methods and partial fraction expansion methods. Our goal is two-fold: we give realistic comparisons between known methods together with novel approaches and we present error bounds which allow to guarantee a given accuracy when terminating the Lanczos method and the multishift-CG solver, applied within the partial fraction expansion methods.