Dealflo VP of Sales David Fletcher describes the 6 principles of electronic agreement enforceability.
There’s a distinct difference between legality and enforceability. The legal community have decided on six principles which must be adhered to in order to ensure full enforceability for financial services contracts.
Firstly, being able to retrospectively prove the identity of a customer.
Secondly, we must be able to retrospectively prove what the customers looking at during the signing process.
Thirdly, the ability to reproduce exactly the workflow the customer went through when they were signing an agreement.
Fourthly, we need to produce true copies of the contracts – what the customer sees on the screen, the contract they take away and the master copy held by the bank – all need to be identifiable.
The fifth item is the ability to produce persuasive evidence. The real-world application of electronic evidence needs to be non-technical, easily attainable, and easy to understand.
Finally, the ability to produce a non-repudiable evidence.
Having all the evidence in one single package, giving a unity and ensuring that evidence has integrity by applying industry standard digital signatures.
VP of Sales, Dealflo
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