Benefits of Electronic Signature and its legal Implications
Besides its many benefits, an esign is valid and enforceable. As long as specific requirements are met, it has the same legal weight as its written equivalent.
It has been years since the UETA, and the ESIGN Act came into force. This means that any electronic contract you send all over the U.S is safe, regulated, and legally admissible in any court of law. UETA and ESIGN Act are incredible laws for the business players since they provide a common foundation for secure and legal electronic interaction across the country. With the enactment of these laws, online services are now incredibly easier to transact.
In this post, we will briefly explore the legal admissibility and general acceptance of e-signatures, and the benefits they offer to the users.
Legal implications of an electronic signature
Electronic signatures go back a few decades. Currently, many countries all over the world have enacted laws and directives to make sure that esignatures have legal standing. The basic principle of every approach to the legal status of a digital signature is that they have the same place in law, as wet ink signatures.
That said, for an esign to carry any legal weight, it must be able to fulfill the following requirements:
- Being able to verify the signatory and apply a unique “signer ID” to each signer.
- Have an audit trail which can be referred to, showing the date and time the signature was applied.
- Document integrity – This makes sure that a document cannot be altered after a signature is applied.
Why you should opt for an electronic signature
Using a digital signature over a wet ink signature comes with a range of advantages. Nowadays, you do not have to waste time posting documents via slow mail. Digitally sending contracts is faster and cheaper.
What’s more, with a reliable e-signature platform like eSign Genie, your clients can execute documents with any internet-enabled gadget. Because documents are stored in the cloud, you and other signatories can access and sign them anytime, anywhere. This saves a lot of time. And like we have already mentioned, your transactions are enforceable, secure, auditable, and accepted in nearly all the countries. In short, the benefits associated with e-signature solutions are limitless.
Conclusion
Reinforcing efficiency, cutting down costs, speeding up processes, and reducing human errors are just a few of the benefits of implementing e-signatures. However, each organization can discover many more depending on its complexity, size, and sector. What is guaranteed is that electronic signatures are legal and here to stay, and the quicker an organization implements them, the higher its competitiveness will be.