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Global FinTech Guide
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Global FinTech Guide
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United Kingdom
SectionTitle
Signature requirements
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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
Under UK law there are two formal methods for securing such and these are either by signature or by formal deed. In simple terms deeds are used for more longer term or more formal commitments and require witnessing by independent witnesses. Either can be varied by a further document using the same formalities and by agreement of all parties (i.e. not unilaterally by one single party). Other methodologies are being explored (see (f) below) but at the date of writing have only secured limited acceptance.
Presence of any specific formal requirements to effectively conclude a loan agreement
Loan Agreements may be concluded by means of a simple signature save where such is secured by land when a formal deed will be required.
Process of conclusion of a contract by using a qualified electronic signature in practice
Qualified electronic signatures are still in their infancy in the UK, there is a pilot scheme currently in place with a limited number of organisations with HM Land Registry in relation to real estate but this is only comparatively recently commenced.
There is also a key scheme known as the Government Gateway (gov.uk.verify) which forms the basis of UK residents relationships with HM Revenue and Customs but at date of writing this scheme is only available in that particular space and has no wide spread application. In particular it does only apply to UK residents.
Legal consequences to a contract in case of not fulfilling formal requirements
If formal legal requirements the contents of any document are not binding on the parties and will not be valid, any contract for the supply of goods need not be fulfilled and if a loan document then any advance would not necessarily be required to be repaid.
Usual practice of signing contractual agreements in the B2B sector
See above. In essence it depends whether it involves real estate or otherwise (absence of consideration).
Usual practice of signing contractual agreements in the B2C sector
Contractual agreements are normally signed by way of personal signature but increasingly the UK is seeing the use of electronic signatures typically by using the DocuSign methodology further details of this can be found at
www.docusign.co.uk.
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Russell Jarvis
Shakespeare Martineau
[email protected]
0
2142
Teja Picton-Howell
Penningtons Manches Cooper LLP
[email protected]
0
2408
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