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Over the past decade, businesses have adopted eSignatures to streamline internal approval processes and reduce contracting time with customers and partners. Transactional practices seem like obvious applications for using electronic signings. But for a variety of reasons, only a small — albeit growing — percentage of transactional attorneys use eSignatures regularly on their transactions.
The recent move to more remote work environments has prompted many to take a second look at not only eSignature solutions but also remote online notarization (RON). In order to support transactional practice groups and legal departments in making the transition to electronic signing and closings, one must understand the challenges and opportunities of these technologies.
In the United States, the enforceability of eSignatures is broadly accepted. In fact, both state and federal statutes make clear that "a record or signature may not be denied legal effect or enforceability solely because it is in electronic form." Understanding that eSignatures will generally satisfy signature requirements for agreements in domestic transactions, they confer many benefits to assist attorneys in transactional practices:
In the current environment of remote work, this last benefit is particularly important. Law firm clients who are increasingly working from home may lack the infrastructure to conveniently print, sign and scan documents back to their attorneys. The opportunity to sign transaction documents electronically from their laptop or mobile device conveys a compelling benefit to clients that they didn't know they needed prior to the global pandemic.
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