Browse Prior Art Database

Electronic Recording of Contracts

IP.com Disclosure Number: IPCOM000014357D
Original Publication Date: 2001-Mar-01
Included in the Prior Art Database: 2003-Jun-19
Document File: 1 page(s) / 34K

Publishing Venue

IBM

Abstract

Disclosed is a system for electronic recording of contracts involving multiple parties in one or more repositories. The repositories are typically servers and the parties typically arrive at their contract by communications over the Internet.

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Electronic Recording of Contracts

Disclosed is a system for electronic recording of contracts involving multiple parties in one or more repositories. The repositories are typically servers and the parties typically arrive at their contract by communications over the Internet.

In many countries digital signature laws have been passed. However, a problem exists such that it is difficult to enforce legal agreements over the Internet. A mechanism is needed to verify that the user who electronically agreed to a contract did so in an appropriate fashion. For example, the user took adequate time to review the contract or that the correct person was actually physically present agreeing to the contract. Our invention is a method that electronically records users actions while signing a digital contract over the Internet.

When a single user is signing a contract, the recording is transmitted to the Web server or intermediary that generated the contract. When multiple people are involved in signing a document at different places, their individual recordings may be aggregated and stored in a repository on a server and optionally transmitted to each signatory. The transmission would be encrypted for security and appropriate digital signatures could be affixed. The advantage is that in the case of disputes involving several parties, a recording of user interactions with the signing of one more digital document would have been electronically saved in a repository for later retr...