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However, a deed requires some additional execution formality beyond a simple signature. Deeds must be in writing and will typically be executed in the presence of a witness, although in the case of a company a deed may be executed effectively by two directors or a director and the company secretary.
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Specific wording should also be included above the signature blocks. Simple contracts and deeds are often executed in counterparts.
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This means that each party to the contract will sign separate but identical copies of the same document. The signed copies will together form a single binding agreement.
Execution of deeds and documents
Simple contracts and deeds typically contain a clause expressly allowing the document to be executed in counterparts. There are often difficulties, especially for larger international contracts, in getting all signatories to a contract together in one room to sign the contract. Furthermore, physically posting the contract between the parties may be prohibitively slow. To avoid these difficulties, it is possible to sign a contract "virtually". That is, the signature pages are prepared and executed in advance and the signatures are "released" upon mutual agreement, often given by email.
The Effective Date may be used to refer to a date in the future. This is frequently used in employment agreements that tie the effective date to the day the employee start works.
But as Ken Adams points out: The parties may set an effective date as occurring prior to the execution of the agreement. For example, to collect royalties or payments retroactive to an past date.
Post dated contract agreement
Again, Ken argues that it is clearer to use the concept of the 'date of the agreement' and specifically define the periods of any rights and obligations that differ from such date. Practically, it can be more convenient to set the operational date for all rights and obligations, rather than set each individually. The first and most important thing to note about the consequences of backdating a document is that it is potentially a criminal offence. However, at common law this was a criminal offence going by the contradictory sounding name of uttering a false document and in most English law based legal systems it is still an offence today, although in many cases statutory provisions have superseded the common law for example, in the British Virgin Islands see section of the Criminal Code Where backdating is done for financial gain, it may also constitute the more dull-sounding criminal offence of obtaining a pecuniary advantage by deception.
Although criminal prosecution might be a risk in serious fraud cases, in most day to day legal matters where backdating occurs for reasons of administrative convenience, or simply by oversight or error, the risk of being charged with a crime are commensurately small. But even if a person is not charged with a crime, the fact that a crime can be demonstrated to have occurred may still impact the rights of the parties. In certain cases a criminal act may negate insurance.
When Does a Contract Take Effect?
Lack of a prosecution does not mean a lack of legal consequences. However, such doctrines are normally limited to situations where one party backdates the contract without the knowledge or consent of the other. Where both parties consent to the backdating of the document, normally the courts in common law countries will simply disregard the backdating of the document, and treat the rights as accruing from the date when the document was actually executed. Although in exceptional cases — where third party rights are not affected — the courts might be persuaded to treat the stated date as being the effective date, a situation we return to below.