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The signature requirements pertain the legal or contractual requirements in order to make a legally effective declaration of intent or a legally binding contract.
Possibility to replace a specific formal requirement of making a binding declaration of intention
Law 126-02 provides the legal validity of the e-signatures, subject to some requirements. However, in practice, due to legal notarization or because public institutions do not accept them, these signatures are not widely used. In recent years, regulators and public institutions have been more open to receiving these documents.
Presence of any specific formal requirements to effectively conclude a loan agreement
Notarization by public notary is not a legal requirement per se; however, the bank and the public institution where a security related to such loan agreement will be registered usually requires the legalization of signatures.
Process of conclusion of a contract by using a qualified electronic signature in practice
Contracts can be concluded by qualified electronic signature issued by vendors with a licence for manage e-signature (the licence is granted by the Dominican Telecommunications Institution (“INDOTEL”)). E-signatures are sold by authorized vendors to the customers. Customers can use E-signatures through the platforms and mechanisms provided by the vendors.
If a contract needs to be notarized by public notary, it is not possible to use a qualified electronic signature since e-signatures cannot be notarized.
Legal consequences to a contract in case of not fulfilling formal requirements
The contract would not be legally binding.
Usual practice of signing contractual agreements in the B2B sector
By written signature in wet ink.
Usual practice of signing contractual agreements in the B2C sector
By written signature in wet ink. Basically, all types of contracts, which are not related to Internet corporate matters use standard wet ink signature.