What is an electronic contract?

Electronic contract is a form of written contract stipulated in the Civil Code, which refers to an agreement reached by two or more parties in electronic form through electronic information network to establish, change and terminate certain civil rights and obligations.

Electronic contracts include services such as identity authentication, digital certificate, electronic signature, time stamp, certificate preservation and legal support. They have the same legal effect as paper contracts, but unlike paper contracts, electronic contracts can be initiated, signed, filed and managed online at any time without printing.

Example of electronic contract (source: e-sign treasure)

Simply put, an electronic contract refers to a contract form that participants always sign online and has the same legal effect as a paper contract.

So, how to sign an electronic contract with legal effect?

According to the requirements of Electronic Signature Law for reliable electronic signature, as long as those four elements are met, it can be regarded as a reliable electronic signature in accordance with the law: (1) Whether the digital certificate belongs to the electronic signer; (2) Whether the contract is signed by an electronic signer; (3) Whether any changes in the signed electronic signature can be found; (4) Whether the person who signed the electronic document and the change can be found.

That is, true identity, true will, unchanged signature and original text.

Electronic signature method

Electronic contracts are generally signed through third-party electronic contract platforms. Because compliant third-party contract platforms are all designed according to the requirements of electronic signature law.

Enterprises directly access authoritative data sources through the third-party electronic contract platform through strict identity authentication and willingness authentication processes to ensure the expression of the signer's true identity and true will;

Example of electronic contract signing (source: e-sign treasure)

And through anti-tampering technologies such as encryption algorithm and blockchain evidence preservation, the original content and signature of the electronic contract are guaranteed not to be tampered with, and the signed electronic contract meets the requirements of the electronic signature law and has legal effect.