{"id":766,"date":"2018-06-17T15:00:00","date_gmt":"2018-06-17T14:00:00","guid":{"rendered":"https:\/\/hub.findingsimple.com\/au\/resources\/resource\/executing-documents-under-electronic-documentation-platforms-part-a\/"},"modified":"2020-06-03T07:21:34","modified_gmt":"2020-06-03T07:21:34","slug":"executing-documents-under-electronic-documentation-platforms-part-a","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/executing-documents-under-electronic-documentation-platforms-part-a","title":{"rendered":"Executing Documents (Including Deeds) Under Electronic Documentation Platforms: Part A [Sample Article]"},"content":{"rendered":"<p class=\"intro-paragraph\">In Australia and internationally, commercial parties are starting to execute documents electronically using cloud-based platforms, both in volume retail transactions and in bespoke wholesale transactions. The market is increasingly interested, and can see significant commercial advantages. To take just a few examples: in Australia at least two major listed companies have started to execute their documents in that way, including in one case a large syndicated loan agreement; banks and financial institutions are using it for flow transactions; and property developers and real estate management companies are using it for sales contracts and leases.<\/p>\n<p>This is part of a wider move in commerce away from paper and towards the electronic, for transactions great and small. This includes even that bastion of paper and formal requirements: conveyancing and land titles registers. There are a number of such platforms available. Are they effective? Can they create binding transactions when the law requires writing or signatures, or when a company is signing under s 127 of the <em>Corporations Act 2001<\/em> (Cth)? Can they be used for deeds? Lawyers from five firms, aka the Walrus Committee, have been examining the relevant legal issues. This article developed from a paper initially prepared to assist that examination, although the Committee didn&#8217;t achieve unanimity on all its conclusions.<\/p>\n<p>In Part A, author Diccon Loxton provides a summary of his conclusions; a description of the operation of a typical platform; and an examination of whether contracts signed using platforms can satisfy requirements as to writing and signing, in two stages: first, under the general law, and secondly, under electronic transactions legislation. Part A also describes the operation of a cloud-based platform for executing documents (Platform). It concludes that, though requirements for signing and writing need to be considered in their context, generally documents executed using a Platform satisfy requirements for signing and writing, not only when the electronic transactions legislation is applied, but also under general law.<\/p>\n<p>Part B goes on to examine the potential status of print-outs of electronically signed documents, as a backstop; a discussion of two areas of possible difficulty: first, s 127 of the Corporations Act, and secondly, deeds; and a summary of situations in which electronic signing may not be appropriate. This covers the role of the Electronic Transactions Act (ETA), what is a \u201cdocument\u201d, what is \u201csigning\u201d, witnessing, attestation and sealing; as well as the requirements in relation to local and foreign deeds.<\/p>\n<p>Simply complete the form on the right to download your complimentary copy of Part A originally published in the <em>Australian Law Journal<\/em> Volume 91\/2, 2017.<\/p>\n<p><a href=\"https:\/\/legal.thomsonreuters.com.au\/australian-law-journal-and-reports-online-journal-only\/productdetail\/97154?showform=yes\" target=\"_blank\" rel=\"noopener noreferrer\">Request a trial of the <em>Australian Law Journal<\/em><\/a> to get free access to Part B and all the latest articles written by leading legal practitioners, academics and prominent members of the judiciary.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Australia and internationally, commercial parties are starting to execute documents electronically using cloud-based platforms, both in volume retail transactions and in bespoke wholesale transactions. The market is increasingly interested,&hellip;<\/p>\n","protected":false},"author":2,"featured_media":767,"template":"","categories":[646,648,625],"tags":[53,156,209,226],"resource_type":[626],"insight_job_role":[569,1315,598,604,627,628],"insight_practice_area":[571,579,582,621],"class_list":["entry","author-legaladmin","post-766","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-legal-commentary-and-opinion","category-legislation-and-case-law","category-research-and-know-how","tag-australian-law-journal","tag-corporations-act","tag-electronic-signatures","tag-execution-formalities","resource_type-sample-chapter","insight_job_role-academic","insight_job_role-barrister","insight_job_role-in-house-lawyer","insight_job_role-knowledge-manager","insight_job_role-senior-executive","insight_job_role-solicitor","insight_practice_area-banking-and-finance-law","insight_practice_area-commercial-law","insight_practice_area-company-law","insight_practice_area-property-law","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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