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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
In cases when the applicable legislation requires written form, usage of ink signatures or qualified signatures is required. In BiH it is generally considered that electronic signatures used should be the so-called qualified signature, issued by a qualified trust service provider in BiH or EU, as only those are considered by law as equal to ink signatures.
Presence of any specific formal requirements to effectively conclude a loan agreement
Pursuant to the applicable legislation, loan agreements need to be concluded in written form.
Process of conclusion of a contract by using a qualified electronic signature in practice
Electronic signatures have been introduced in Bosnia and Herzegovina in 2006 with the Law on electronic signatures. Regardless, issuance of e-signatures in practise has only started a few months ago and so far, there has been very little interest. The Law clearly provides that qualified e-signatures are of the same legal force as handwritten signatures. Having that in mind, local authorities should accept qualified e-signatures on filed documents, however, due to the lack of interest until now we are not aware of practice of local authorities related to this matter.
Pursuant to the applicable legislation only qualified electronic signatures are accepted in BiH. The only authorised provider of qualified electronic signatures in Bosnia and Herzegovina is Halcom Ltd. with its headquarters in Sarajevo.
Legal consequences to a contract in case of not fulfilling formal requirements
The contract has no legal effect.
Usual practice of signing contractual agreements in the B2B sector
Contractual agreements in the B2B sector in BiH are usually concluded with a handwritten signature, due to the lack of interest and practice of local authorities related to the e-signature.
Usual practice of signing contractual agreements in the B2C sector
Contractual agreements in the B2C sector in BiH are usually concluded with a handwritten signature, due to the lack of interest and practice of local authorities related to the e-signature.