If the terms and conditions are also made available to the User (offer) and confirmed by checking "I agree" (acceptance), he is responsible for the performance of contractual obligations. Under Indian law, contracts are considered valid if two competent parties consent orally or in writing. However, if they choose to conduct their transactions electronically, the contract is considered legally valid. This is thanks to the Information Technology Act passed in India in 2000. Electronic contracts are legal documents that are created and signed without digital media. Electronic signatures are the digital sign of a person, party or representative authorized in an electronic contract to prove acceptance of the terms and conditions of the legal document. Electronic contracts do not require paper, ink, printer or dedicated resource to print or create copies of an agreement. This means that by moving to digital agreements, you eliminate the overhead of reaching an agreement. E-Sign helps the parties by saving them time and money, no longer needing physical meetings to sign an agreement.
Under Indian law, a written signature is not necessarily required for a valid contract - contracts are generally valid when legally qualified parties enter into an agreement, whether they accept verbally, electronically or in a physical paper document. The Information Technology Act, 2000 (IT Act) expressly confirms that contracts cannot be refused because they are concluded electronically. In order to prove a valid contract, parties sometimes have to present evidence in court. Leading solutions for digital transaction management can provide authorized electronic records under Section 65B of the Evidence Act, 1872, to support the existence, authenticity and valid acceptance of a contract. (1) Electronic signatures must be clearly linked to the person signing the document. This condition is often met by issuing a certificate-based digital identifier. Under the IT Act of India, e-contracts are legally binding and an acceptable means of entering into a contract or agreement. In the case of a combined interpretation of national and international laws, it can be said that electronic agreements are valid and applicable in the courts, as the risk associated with electronic signatures is high, and in large-scale transactions, the parties always insist on damp signatures for physical agreements.
For fintech companies that have aggressively used electronic documentation and execution to avoid fraud or tampering, electronic signatures can be used with an additional level of security. B, for example, by checking the electronic signature by sending an OTP to the registered cell phone number or using geo-location to record the IP address or any other mechanism to track the details of the electronic device. from which the electronic signature was affixed. Such a two-step verification procedure also guarantees the authenticity of the signatory. eSign is an online electronic signature service that can be integrated into service delivery applications via an API to facilitate the digital signature of a document to an eSign user.