“Necessity is the mother of invention.”
It seems the necessity of executing bonds remotely during the pandemic has led to the “invention” of electronic signatures and digital seals. Actually, electronic bonding has been around for well over a decade, and the Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) have been pushing for its adoption for years. But it’s taken COVID-19 to get the industry, the federal government, and the states to accelerate its use.
Traditionally, bond execution has required the signing of a bond by the principal and surety, and physically delivering the form to the obligee. With electronic bonding, the wet signature and sealing process becomes paperless and is conducted over the internet or other electronic medium.
Read the rest of the article here: https://www.tinubu.com/blog/electronic-signatures-and-digital-seals
