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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
Electronic signature is valid in Peru. The validation comes with the ID information and works for any person or legal representative of a company. The record of the voice by accepting the terms and conditions of the agreement is also valid.
Presence of any specific formal requirements to effectively conclude a loan agreement
A loan agreement shall include the purpose of the funds and the express acceptance of the terms and conditions. Signature is mandatory. Electronic, digital signature is valid as well.
Process of conclusion of a contract by using a qualified electronic signature in practice
The electronic signature is issued by each person after an electronic certificate is provided by a company duly registered before Indecopi. Indecopi is the Peruvian Competence and Consumers Agency. A license is not required for those providers.
Legal consequences to a contract in case of not fulfilling formal requirements
The inconvenient is the proof of the existence of the contract. According to the Peruvian Civil Code, the agreement has to be voluntary, and the will is the most relevant part of it.
Usual practice of signing contractual agreements in the B2B sector
Normally in writing and most of them legalised before the Notary Public.
Usual practice of signing contractual agreements in the B2C sector
During the pandemic the electronic contracts were used in a regular manner; before it the handwritten signature was the common way to conclude agreements. We don’t have mandatorily handwritten signature for commercial contracts.