Is it Legal?
In an increasingly digital world, the traditional methods of signing contracts are evolving to keep pace with technological advancements. Let’s take a closer look at why contracts at
Delegate are fully legal:
01
General Requirements
To establish a legally binding contract, certain prerequisites must be met. These include the legal capacity and business or contractual capacity of the parties involved.
Additionally, the contract should contain essential elements such as the object of purchase, purchase price, payment method, and identification of the contracting parties.
02
Form Requirements
Contracts typically have specific form requirements, including details such as the parties involved, offer and acceptance, consideration, terms and conditions, signatures, and the date. By complying with both general and specific form requirements under national law, contracts executed through blockchain-based signatures become legally binding.
03
Identification
Ensuring the proper identification of the signing parties is crucial for contract validity. While various levels of identification can be deemed sufficient, it is essential that parties using blockchain or Distributed Ledger Technology (DLT) applications are made aware of the identity of their counterparts through a trusted third-party identification service provider.
"Know Your Client" (KYC) procedures play a vital role, requiring legal names, places of origin and residence, dates of birth, and passport numbers for individualization in legal terms.
Additionally, a liveness test, which compares identification document photos with real-time verification photos, enhances the accuracy of identification.
04
Signature
Upon contract creation, a unique hash of the PDF document is encrypted using our web app's wallet mechanism and Lit Protocol, ensuring unparalleled security. Both parties sign this hash with their chosen wallets, with every detail, including the signatures, encrypted once more through Lit Protocol. These signatures, paired with associated data, are then embedded within the PDF as annotations. For an additional layer of protection, we further encrypt the entire PDF with our proprietary password.
Summary
Contracts concluded through blockchain-based signatures fulfill all necessary requirements and incorporate essential contractual points. Given that the parties involved possess legal capacity, have been properly identified through KYC procedures, and use blockchain-based signature, such contracts are legally binding.
Worth to mention, that our contacts are approved by best law firms all around the world, to be exact:
MME
support for Switzerland
Davidson & Co
support for UAE
Is it Legal?
In an increasingly digital world, the traditional methods of signing contracts are evolving to keep pace with technological advancements. Let’s take a closer look at why contracts at
Delegate are fully legal:
01
General Requirements
To establish a legally binding contract, certain prerequisites must be met. These include the legal capacity and business or contractual capacity of the parties involved.
Additionally, the contract should contain essential elements such as the object of purchase, purchase price, payment method, and identification of the contracting parties.
02
Form Requirements
Contracts typically have specific form requirements, including details such as the parties involved, offer and acceptance, consideration, terms and conditions, signatures, and the date. By complying with both general and specific form requirements under national law, contracts executed through blockchain-based signatures become legally binding.
03
Identification
Ensuring the proper identification of the signing parties is crucial for contract validity. While various levels of identification can be deemed sufficient, it is essential that parties using blockchain or Distributed Ledger Technology (DLT) applications are made aware of the identity of their counterparts through a trusted third-party identification service provider.
"Know Your Client" (KYC) procedures play a vital role, requiring legal names, places of origin and residence, dates of birth, and passport numbers for individualization in legal terms.
Additionally, a liveness test, which compares identification document photos with real-time verification photos, enhances the accuracy of identification.
04
Signature
Upon contract creation, a unique hash of the PDF document is encrypted using our web app's wallet mechanism and Lit Protocol, ensuring unparalleled security. Both parties sign this hash with their chosen wallets, with every detail, including the signatures, encrypted once more through Lit Protocol. These signatures, paired with associated data, are then embedded within the PDF as annotations. For an additional layer of protection, we further encrypt the entire PDF with our proprietary password.
Summary
Contracts concluded through blockchain-based signatures fulfill all necessary requirements and incorporate essential contractual points. Given that the parties involved possess legal capacity, have been properly identified through KYC procedures, and use blockchain-based signature, such contracts are legally binding.
Worth to mention, that our contacts are approved by best law firms all around the world, to be exact:
MME
support for Switzerland
Davidson & Co
support for UAE
Is it Legal?
In an increasingly digital world, the traditional methods of signing contracts are evolving to keep pace with technological advancements. Let’s take a closer look at why contracts at
Delegate are fully legal:
01
General Requirements
To establish a legally binding contract, certain prerequisites must be met. These include the legal capacity and business or contractual capacity of the parties involved.
Additionally, the contract should contain essential elements such as the object of purchase, purchase price, payment method, and identification of the contracting parties.
02
Form Requirements
Contracts typically have specific form requirements, including details such as the parties involved, offer and acceptance, consideration, terms and conditions, signatures, and the date. By complying with both general and specific form requirements under national law, contracts executed through blockchain-based signatures become legally binding.
03
Identification
Ensuring the proper identification of the signing parties is crucial for contract validity. While various levels of identification can be deemed sufficient, it is essential that parties using blockchain or Distributed Ledger Technology (DLT) applications are made aware of the identity of their counterparts through a trusted third-party identification service provider.
"Know Your Client" (KYC) procedures play a vital role, requiring legal names, places of origin and residence, dates of birth, and passport numbers for individualization in legal terms.
Additionally, a liveness test, which compares identification document photos with real-time verification photos, enhances the accuracy of identification.
04
Signature
Upon contract creation, a unique hash of the PDF document is encrypted using our web app's wallet mechanism and Lit Protocol, ensuring unparalleled security. Both parties sign this hash with their chosen wallets, with every detail, including the signatures, encrypted once more through Lit Protocol. These signatures, paired with associated data, are then embedded within the PDF as annotations. For an additional layer of protection, we further encrypt the entire PDF with our proprietary password.
Summary
Contracts concluded through blockchain-based signatures fulfill all necessary requirements and incorporate essential contractual points. Given that the parties involved possess legal capacity, have been properly identified through KYC procedures, and use blockchain-based signature, such contracts are legally binding.
Worth to mention, that our contacts are approved by best law firms all around the world, to be exact:
MME
support for Switzerland
Davidson & Co
support for UAE