Information Age history for the new millennium was made on June 30th when President Clinton, in the historic city of Philadelphia where the founding fathers of American drafted the Constitution over 200 years ago, signed the Electronic Signatures in Global and National Commerce Act.
Citing the very first article of the Constitution (government shall make no laws "impairing the obligation of contracts"), Clinton talked about the importance of the individual's right to enter into commercial contracts and James Madison's belief that the contract clause was "a constitutional bulwark in favor of personal security and private rights."
Clinton acknowledged the changes in e-commerce that has resulted in American companies putting their sales and supply distribution channels on-line and the effects on our economy. This landmark legislation, passed by overwhelming majorities of both the Republicans and Democrats, means that on-line contracts will now have the same legal enforcement as the old-fashioned paper and pen signed contracts.
Mortgages, insurance contracts, stock purchases and sales will all be able to handled with the click of a mouse. Consumers can opt for the paper contracts or electronic format and government agencies will have the clout they need to enforce the laws and protect the public's interests in the electronic world.
NOTE: According to the legislation, the term 'electronic signature' means information or data in electronic form, attached to or logically associated with an electronic record, and executed or adopted by a person or an electronic agent of a person, with the intent to sign a contract agreement or record.
