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Electronic execution: Difference between revisions
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{{a|g|[[File:Fountain pen writing (literacy).jpg|450px|frameless|center]]}}Being the process of gathering evidence of [[offer]] and [[acceptance]] of a [[contract]] using digital authentication technology. ''Not'' just pasting a scanned signature onto a pdf. | {{a|g|[[File:Fountain pen writing (literacy).jpg|450px|frameless|center]]}}Being the process of gathering evidence of [[offer]] and [[acceptance]] of a [[contract]] using digital authentication technology. ''Not'' just pasting a jpeg of your scanned signature onto a .pdf. That is a really dumb idea. | ||
[[ | The unglamorous but important topic of [[electronic execution]] usually gets swamped by modish [[A.I.]] [[yogababble]] — though old [[Jolly Contrarian|Mystic Meg]] here predicts that might change in 2020 with the planet’s entire [[Negotiator|negotiation capability]] [[Coronavirus|sequestered in box rooms and attics]], without any other means of executing legal contracts. | ||
For | For properly-implemented digital execution will not just keep your [[ISDA ninja]]s safe from [[Coronavirus|pandemic]], but will yield productivity and data control benefits out of all proportion to the simplicity of the technology. This, [[Jolly Contrarian|Mystic Meg]] feels, will be a far more [[transformative]] than [[chatbot]]s, [[natural language processing]] or the forthcoming [[Singularity]]. | ||
But first, a self-indulgent foray into the [[jurisprudence]] of the contract itself. | It’s just not as ''sexy''. | ||
But first, a self-indulgent foray into the [[common law]] [[jurisprudence]] of the [[contract]] itself. | |||
{{contract vs document}} | {{contract vs document}} | ||
=== | ===But does [[electronic execution]] ''work''? Is it ''legal''?=== | ||
TL;DR: Yes. | |||
But cue voluminous, [[tedious]] monographs on its legal effectiveness in different jurisdictions and peculiar instances.<ref>The [https://www.lawcom.gov.uk/project/electronic-execution-of-documents/ UK Law Commission], as recently as March 2020, for example.</ref> These are mainly confined to the specific issues arising where a local jurisdiction prescribes some form to the way one enters into a special ''type'' of contract — one relating to the conveyance of real estate, for example, or a [[deed]]. | |||
So — unless your [[Financial instrument|instrument]] is a [[deed]] or [[lease]] or has such peculiar formal execution requirements — and most [[confirmation]]s, instructions and even master trading agreements which pass between the operational teams of financial institutions won’t<ref>Exception: anything signed as a [[deed]]: a [[security financial collateral arrangement]], for example, or a [[guarantee]] or a master agreement building a security interest in, such as a [[prime brokerage agreement]]</ref> — it needn’t be that complicated. Generally, digital signatures are fine and, in many respects, ''better'' than handwritten signatures, especially a scanned, emailed [[facsimile]] of a handwritten signature which could easily have been forged. | So — unless your [[Financial instrument|instrument]] is a [[deed]] or [[lease]] or has such peculiar formal execution requirements — and most [[confirmation]]s, instructions and even master trading agreements which pass between the operational teams of financial institutions won’t<ref>Exception: anything signed as a [[deed]]: a [[security financial collateral arrangement]], for example, or a [[guarantee]] or a master agreement building a security interest in, such as a [[prime brokerage agreement]]</ref> — it needn’t be that complicated. Generally, digital signatures are fine and, in many respects, ''better'' than handwritten signatures, especially a scanned, emailed [[facsimile]] of a handwritten signature which could easily have been forged. | ||