The globalization of commercial transactions amongst parties in different countries of the world and the impact of technology in negotiating the terms and concluding the transaction in real time have resulted in an upsurge in electronic communication and Ecommerce which have made the use of electronic signatures (“E-Signatures” or “electronic signatures”) in business transactions very pertinent. There is also an increasing need for the use of E-Signature to execute contracts that are time bound mostly in cases where getting wet-ink or manual signatures of counterparties to a contract may occasion delay due to physical distance. Parties have always sought more flexible and convenient means of executing agreements within the confines of existing legal and regulatory frameworks. The use of electronic signature therefore affords parties to an agreement the opportunity to execute their agreements even while sitting in the comfort of their homes.
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