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Electronic execution: Difference between revisions
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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. | 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 a properly-implemented electronic execution programme will not just keep your [[ISDA ninja]]s safe from [[Coronavirus|pandemic]], but will yield productivity and data control benefits which will exceed all | For a properly-implemented electronic execution programme will not just keep your [[ISDA ninja]]s safe from [[Coronavirus|pandemic]], but will yield productivity and data control benefits which will exceed all expectations.<ref>Until, after six months, everyone just takes them for granted, like usual.</ref> This, [[Jolly Contrarian|Mystic Meg]] feels, will be far more [[transformative]] than a slew of useless [[chatbot]]s or, for that matter, the forthcoming [[Singularity]], in which said useless [[chatbot|chatbots]] take over and convert we weeping mortal [[Meatsack|fleshsacks]] into battery juice. | ||
[[ | That is to say. [[electronic execution]] is much-needed and long-overdue innovation. It’s just not ''sexy''. | ||
Now before allaying the usual pat paranoid fears about | Now, before allaying the usual pat paranoid fears about it, a brief, self-indulgent foray into the [[common law]] [[jurisprudence]] of the [[contract]]: | ||
{{contract vs document}} | {{contract vs document}} | ||
===But does [[electronic execution]] ''work''? Is it ''legal''?=== | ===But does [[electronic execution]] ''work''? Is it ''legal''?=== | ||
TL;DR: Yes. | TL;DR: ''Yes''. | ||
But cue voluminous, [[tedious]] monographs on its legal effectiveness in different jurisdictions and peculiar | But cue voluminous, [[tedious]] monographs on its legal effectiveness in different jurisdictions and for peculiar contract forms.<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 where a local jurisdiction prescribes some arcane ''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. | ||