Creating Legally Binding Contracts With Electronic Signatures

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Recent advancements in web technology have revolutionized the ways of doing business. One new application gaining rapid adoption is electronic signature software. With electronic signatures, you can create legally binding contracts online, closing deals without the use of paper. This technology is helping businesses grow faster and save a lot of time and money. In addition, this application can be utilized in many business units and processes for greater efficiency.

In the U.S., federal and state law have been formulated to establish the enforceability of electronic signatures. For business transactions affecting interstate commerce, a federal statute called the Electronic Signatures in Global and National Commerce Act (E-SIGN) protects such transactions. Under this legislative act, a signature can't be denied legal validity or enforcement because it is in electronic form [15 U.S.C. 7001(a)(1)]. The E-SIGN Act defines an electronic signature as an electronic sound, symbol, or process, attached to or logically connected with a contract or other record and executed or adopted by a person with the intent to sign the record [15 U.S.C. 7006(5)]. The Act is quite broad and enables electronic signature software to incorporate simple or sophisticated authentication, various forms of signatures, and many types of documents and files. Also, almost all states have passed the Uniform Electronic Transactions Act (UETA). UETA solidifies the federal law at the state level and allows for the legal binding of electronic signatures once the parties to a transaction have decided to carry on dealings by electronic means [UETA 5(b)].

Courts around the world have consistently ruled that electronic signatures are comparable to wet-ink signatures. Both produce a binding contractual responsibility on the the person signing the document or contract. Due to this legal validity and the extraordinary financial benefits of going paperless, more companies are moving towards electronic transactions every day.

About the Author:
Mr. Moore is an expert in online technologies, including web applications, cloud computing, and business software. His articles on innovative products and new technology including those on electronic signature have been published on leading online sites.

Article Originally Published On: http://www.articlesnatch.com

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