3-8-2016 | by Emily Sanders
The U.S. Code 7001 details the contractually binding characteristics of the electronic signature in both global and national commerce. The code was passed to confirm the validity of the e-signature as the amount of online business communications rapidly increased. Any contract or document incorporating the use of the e-signature does not lose any enforceability or validity simply because it is in electronic form; e-negotiations carry the same legal effect as a physical or printed contract. It has been noted that any recording of an oral conversation cannot qualify as being an electronic record.
The major provisions of U.S. Code 7001 are as follows:
- prior consent to e-negotiation by customer
- availability of paper records at any time
- notice of software changes
- retention of electronic records
U.S. Code 7001 ensures the needs of the contractor are met, while perpetuating the domestic and national commerce between two parties. This e-sign act has allowed electronic records to fulfill any regulation, statute or rule of law given they are retained as a written record. E-negotiation and electronic records have transformed the way businesses participate in both global and national commerce by increasing the ability of parties to communicate and negotiate more effectively. The legality of the e-signature was solidified with the passing of this code.
How Concord Complies to U.S. Code 7001
Concord follows the provisions of this U.S. Code with exact legality to properly maintain customer contracts via e-negotiation. With Concord’s online contract management system, the privacy of your contracts is preserved while accessibility and comprehension is increased. Through their new online system, Concord has made it possible to manage the contract lifecycle from start to finish.
Concord honors the provisions of Code 7001 by carefully tracking the creation of the contract, its contingencies and those involved in the process. The online platform has a data privacy plan that supports the secure retention of electronic records. While all electronic records are available to print at any time, Concord’s online management system makes it simple to facilitate the use of contracts between parties for the purpose of global and national commerce.