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Electronic execution: Difference between revisions
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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]]. | 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 one of those peculiar contracts with formal execution requirements — and most [[confirmation]]s, instructions and even master trading agreements which pass between the operational teams of financial institutions won’t be<ref>Exception: anything signed as a [[deed]]: [[security financial collateral arrangement]]s tend to be, for example, or [[trust deed]], [[guarantee]] or a [[master agreement]] ''containing'' a [[security interest]], such as a [[prime brokerage agreement]].</ref> — it needn’t be that complicated. Generally, a [[digital signature | So — unless your [[Financial instrument|instrument]] is one of those peculiar contracts with formal execution requirements — and most [[confirmation]]s, instructions and even master trading agreements which pass between the operational teams of financial institutions won’t be<ref>Exception: anything signed as a [[deed]]: [[security financial collateral arrangement]]s tend to be, for example, or [[trust deed]], [[guarantee]] or a [[master agreement]] ''containing'' a [[security interest]], such as a [[prime brokerage agreement]].</ref> — it needn’t be that complicated. Generally, a [[digital signature]] will be fine and, really, ''better'' than a handwritten signature, especially a scanned, emailed [[facsimile]] of a handwritten signature which can easily be forged. | ||
Now. ''Any'' signature is simply a means of gathering and recording evidence that the person providing it agreed to the contract or gave the instruction that it sits under. It is an [[audit]] trail. It is [[due dilly]]. You will only need it should your counterpart ''deny'' it agreed to the [[contract]], or gave the instructions. In most contexts that arise between professional financial services firms, this is highly unlikely to happen. The argument will not be to the ''fact'' of the contract, but to its ''terms'', the ''meaning'' of those terms, and what informal accommodations the parties subsequently made to each other that might ''modify'' those terms. | Now. ''Any'' signature is simply a means of gathering and recording evidence that the person providing it agreed to the contract or gave the instruction that it sits under. It is an [[audit]] trail. It is [[due dilly]]. You will only need it should your counterpart ''deny'' it agreed to the [[contract]], or gave the instructions. In most contexts that arise between professional financial services firms, this is highly unlikely to happen. The argument will not be to the ''fact'' of the contract, but to its ''terms'', the ''meaning'' of those terms, and what informal accommodations the parties subsequently made to each other that might ''modify'' those terms. | ||