Electronic signing of contracts

Electronic signing of contracts is a process that allows parties to enter into formal agreements without the need for physical meetings and signing paper documents. The use of digital technologies to confirm consent and commitments has become particularly popular in the face of increasing digitalization of business processes and the need for faster and more efficient information flow.

What is Electronic Signing of Contracts?

Electronic signing of contracts involves using electronic signatures to legalize documents. According to the eIDAS definition, an electronic signature is data in electronic form attached to other electronic data that helps identify the signer and approve the information contained in the document. There are several types of electronic signatures, including basic, advanced, and qualified electronic signatures, each offering different levels of security and application.

Benefits of Electronic Signing of Contracts

Implementing electronic signing of contracts brings numerous benefits for both businesses and individual clients:

Time Efficiency: Reduces the time required to transfer and return signed documents, which is particularly important in international transactions.
Cost Reduction: Lowers costs associated with printing, shipping, and storing documents.
Accessibility: Allows documents to be signed from anywhere in the world as long as there is an internet connection.
Security: Provides a high level of security and allows easy verification of document authenticity.

How Does Electronic Signing of Contracts Work?

The process of electronic signing of contracts usually involves several steps:

Document Preparation: The document is prepared and sent electronically to the signer.
Authentication: The signer is verified through methods such as email, SMS, or other authentication methods.
Signing: The user signs the document using a digital tool.
Verification and Archiving: The signed document is then verified and stored securely in electronic form.

Legal Aspects of Electronic Signing of Contracts

In Poland, as well as in most European Union countries, electronic signing of contracts is legally binding thanks to the eIDAS regulation, which governs electronic identification and trust services. A qualified signature, which is the digital equivalent of a handwritten signature, provides the highest level of security and is legally equivalent to a handwritten signature.

The Future of Electronic Signing of Contracts

The technology for electronic signing of contracts is developing rapidly, and its future looks promising. Innovations such as blockchain could further revolutionize how contracts are concluded and enforced, offering even greater automation and security.

Summary

Electronic signing of contracts is a crucial tool in the modern business world, enabling faster, cheaper, and more secure legal transactions. The ongoing development of digital technologies continues to influence legal standards and practices, making knowledge of electronic signatures essential for every entrepreneur and consumer.