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The signature requirements pertain the legal or contractual requirements in order to make a legally effective declaration of intent or a legally binding contract.
Possibility to replace a specific formal requirement of making a binding declaration of intention
Most provinces in Canada have adopted an “Electronic Signature Act”, thereby legalizing electronic signature for most transactions. Exceptions can be in the wills and estates and real estate registrations.
Presence of any specific formal requirements to effectively conclude a loan agreement
It depends on the type of loan. Some banks accept electronic signatures on loan agreements and some do not. All loan agreements have to be properly signed and in case of a corporation, often with a corporate seal. Individuals are required to sign in front of a witness. Docu-Sign is popular and well received.
Process of conclusion of a contract by using a qualified electronic signature in practice
Contract conclusion with DocuSign, for example, works very well and is routinely used for corporate and related transactions.
Legal consequences to a contract in case of not fulfilling formal requirements
The contract is voided.
Usual practice of signing contractual agreements in the B2B sector
Given COVID and restrictions working at the office and meetings, contractual agreements have been signed typically by either Adobe or DocuSign. Since the COVID restrictions have been mostly lifted by now, we would suspect in person boardroom meetings with clients and lawyers completing the signing to be initiated.
Usual practice of signing contractual agreements in the B2C sector
Either via Adobe or DocuSign.