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Digital e-signature
XML articles,
digital zealots of the
world are right, marked the beginning of a revolution.
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One of the heroes of another great revolution,
Digital e-signature XML articles became passé. The
insurance industry considered that day a major milestone in
e-commerce, and bankers hailed the beginning of a new era. Even Wall
Street, which had little to celebrate during the dot com downturn of
2000, had visions of a brighter investment millennium. So what made the
date so special? The
Electronic Signatures in Global and National
Commerce Act, otherwise known as the E-SIGN Act, took effect. Congress
passed the bill nearly unanimously last year, and President Clinton
signed it into law last June 30. Now, say the law's advocates, the world
just has to wait for businesses and consumers to realize how convenient
and cost efficient esigning can be, according to Digital e-signature
XML articles it will become as commonplace
as e-mail.
Digital
e-signature XML articles,
the new law gives
electronic signatures the same
legal weight as the traditional ink-on-paper variety.
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Digital e-signature XML articles defines an e-signature as any electronic
sound, symbol or process attached to or logically associated with a
contract or other record and executed or adopted by a person with the
intent to sign the record. The statute does not, however, require any
business or individual to use e-signatures or even to accept them from
others. Business interests actually wanted broader language than the law
contains, the right to provide loan terms electronically if people
preferred that, for instance, and the right to pre-empt state laws
requiring companies to keep original paper records of transactions. But
E-SIGN proponents ultimately accepted narrower language because of
lawmakers' concerns about the Digital e-signature XML articles potential for consumer fraud.
People familiar with
e-signature technology cite the law's multiple business benefits. It
allows completion of an entire transaction with customers or more likely
in the short term, with other businesses without leaving the office.
Companies can save money on paperwork, filing space, travel costs and
more. The chief information officer, which serves as a middleman for
technology equipment leases, Digital e-signature XML articles says companies
can "reduce costs with their people, courier costs, printing and postage
costs."
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