11 January, 2012
The adaptation of contracts has developed over many years and continually transformed in accordance to cultural, political, economic, and technological developments. The establishment of the Internet has created “a borderless and paperless electronic environment” (Ruth Orpwood) that has resulted in the introduction and implementation of the e-Contract practice.
While there is no single unified worldwide legal definition for e-Contracts, most definitions mention an agreement between one party that makes an offer to another party that accepts it. Prior to the Internet era, acceptance of a contract was mainly manifested with an ink signature on a paper document. The introduction of different international Electronic Transactions Acts and e-signature laws since 2000 has established that electronic signatures and contracts are as legally binding as paper contracts.
Although electronic acceptance of an e-Contract can be in a form of “Click to agree” or clicking “I accept” (mostly in software download), it is often the expectation and requirement of both parties to sign the e-Contract using the utmost secure online signing method that is broadly and internationally recognised: the user-based, cryptographic, PKI digital signature. Secured Signing service, which offers this technologically advanced system, provides each user with a unique signing key (Digital ID) that is available only to that user. The signed contract is sealed and any changes made invalidate the signatures.
As testimonial to the above, a significant and growing number of enterprises, small businesses, legal firms, local government agencies, schools, and other industries have identified the importance of working with the highest level of security, and with absolute confidence, choose to conduct their entire business and procurement process online.
And last but not least - they all enjoy the exceptional benefits of substantial cost reductions, prompt and efficient business processes, satisfied customers, and a healthier green environment.
Till next time,
Cheers, John