By data verification on the Platform we mean, on the one hand, the feature that identification data of the contracting parties in the documents created on the Platform by Simple Contract are from public company registers, except for the ones indicated otherwise. The Platform verifies the data within 60 minutes preceding the act of signing. (verification takes place at the moment of the digital signing process launched from the Platform, the document can be signed within 60 minutes after being sent for signature).
On the other hand, Platform data verification means confirming whether the person designated as signatory with reference to the given document has the authority to sign on behalf of the company. The Platform will not allow any person to sign any document in Simple Contract provided that they do not have the authority to sign on behalf of the company at the time of the verification, based on the public company register.
For documents created by Simple Contract, we retrieve data from the public company register for three purposes:
- to verify whether the given company is existing and operating;
- to ensure that, as far as possible, up-to-date and verified data are included in the documents created (data are verified by retrieving them from the company register before each signing);
- in order to verify the signatory’s authority to sign on behalf of the company before each signing and to include authentic data referring to them in the documents created on the Platform by Simple Contract.
To ensure that the contracts and documents created in the system always contain up-to-date data, the system automatically re-downloads the most up-to-date data and updates the company data stored on the Platform before signing. The latest data are automatically added to the documents to be signed. If the data recently retrieved from the company register do not match the data stored in the TrustChany system, the Platform will give notification of the change in data.