eSignatures: Legal Perspective - Lightico

eSignatures: Legal Perspective

Electronic Signatures have been accelerating businesses for nearly 2 decades. As the solution becomes more widely adopted, it’s important to understand eSignatures legal perspective. This paper provides some high-level legal perspective on eSignatures.

What is an electronic signature?

The term `electronic signature’ means an electronic sound, symbol, or process, attached to or clearly connected to a contract or form and executed by a person with the intent to sign the record or form.

Electronic signatures (eSignatures) are legally binding for nearly every business or personal transaction. With Lightico’s intuitive electronic signature service, businesses can obtain eSignatures legally that are binding from their customers, simply even while in a call.

Businesses trust electronic records and legally-binding electronic signatures thanks to its simple user interface and its security procedures. With Lightico’s eSignature, obtaining legally-binding electronic signatures is fast, easy and convenient.

Is it legal?

Yes. Today, after decades of eSignatures and the ESIGN Act, there is no question about eSignatures legal position.

eSignatures Legal Background and Requirements

In the year 2000, the federal Electronic Signatures in Global and National Commerce Act (ESIGN) and the state Uniform Electronic Transactions Act (UETA) entrenched the validity and criteria for electronic documentation and signatures. Below are the fundamental elements. A fuller reading is available here

  • Validity

The fundamental development of both ESIGN and UETA is that electronic records and signatures have the same legal standing as handwritten signatures and paper. Particularly, that a document or signature cannot be denied legal effect or enforceability solely because it is in electronic form.

  • Intent

The law directs that signatures are only valid if the signer(s) had intent to sign. This is no different than ink and paper signatures. This is another core tenant ensuring eSignatures legal status.

  • Recording

ESIGN and UETA require that the electronic signatures must be accompanied with its associated elements that show a graphic or text element that clarifies that it was executed electronically or detailing the electronic process by which the signature was created.

  • Consent

The law directs that there must consent to electronic sign. This can be either explicit or as a result of actions. Where one party is a consumer, the consumer must receive UETA disclosures, actively consented for electronic interactions and have not retracted that consent.

  • Retention

For electronic documents and signatures to be valid and legally effective, they must be both retained and be able to be reproduced by all parties entitled to the document.

Lightico & eSignature Legal Requirements

Lightico’s electronic signature solution meets and exceeds the demanding standards of America’s ESIGN Act and the Uniform Electronic Transactions Act. It also exceeds the requirements for other nations where electronic signatures are recognized.

Legally-Binding & Effective
Lightico automatically creates and stores a complete, time-stamped record or every core activity. This information is retained by Lightico and is available to any party of the document. Lightico’s eSignatures legal status have never been challenged in any court.

Lightico’s Regulatory Features
Lightico is tailored to exceed the regulatory and legal requirements of the U.S. ESIGN Act. Specifically, Lightico meets core criteria including: Prior Consent, Notice of Availability of Paper Records, Record Retention.

Features include

Confirming signer intent to sign

Connecting signatures to parties & documents signed

Maintaining a record of key document and signature events

Enabling ongoing, secure access to Lightico signed documents

Ensuring documents remain tamper-proof using secure systems and PKI technology

The Business Impact of Lightico’s eSignatures

In a world where customers are on the their mobile phones, businesses are thirsty for ways to sell and service them in real-time, wherever their customers are.

With Lightico, agents have an integrated suite of digital tools they can add to their live phone conversations to better service their mobile customers: Leapfrogging PC and face-to-face customer experiences.

While speaking with customers on their mobile phones,  phone agents can seamless add in-call tools like real-time media sharing, instant identification collection, real time finger-eSigning, smart document creation/completion & instant, PCI compliant payment collection.

Lightico’s ‘no-app required’ approach to digital service is combined with deep learning and rich analytics, equip call agents with a full suite of the right digital tools to close sales and improve service.

 

What to do next?

Read about Lightico’s eSignature solution and other mobile tools.

Download the legal perspective (pdf)

Contact us to see how Lightico’s eSignature solution works

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