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E-signature software
XML Act,
Electronic Signatures in Global and
National Commerce Act.
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The E-signature software XML in Global and
National Commerce Act ("legal digital
signature") became effective on October 1, 2000, and will drastically change
the way companies (as well as consumers) enter into legal transactions.
Under this law, online "electronic" signatures on legal agreements or
commercial transactions have the same legal status as a written
signature, thereby altering the requirement under the Statute of Frauds
and Uniform Commercial Code Article 2, which states that all
E-signature software XML transactions for goods over $500 must be in
writing.
E-signature
software XML,
"a
signature, contract or other record relating to [transactions in
interstate commerce] may not be denied legal effect, validity or
enforcement solely because it is in electronic form"
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The law also provides that records of
E-signature software XML commerce (such as contracts, mortgages and
financial securities) may be
stored
electronically, rather than in paper form, effective March 1, 2001.
An electronic signature is a string of code that uniquely identifies a
customer, whose signature can be verified by various methods. These
include downloading or installing signature software on a computer
through which personal information (such as a social security number) is
entered; utilizing a "smart card" which can store
digital
information about the signer; using digital verification services;
scanning handwritten signatures; and even through the use of biometrics,
which are fingerprint or optical scans, E-signature software XML.
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E-signature software XML will benefit businesses by encouraging
credit and commercial transactions over the Internet, reducing the
transaction time and cost of commercial transactions, and eliminating
certain paperwork.
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