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GLOSSARY

Execution definition

Published by a LexisNexis Commercial expert

What does Execution mean?

Execution, in the context of contracts, is the means by which a party enters into a contract or deed by sealing or signing it, and by doing so gives it effect in law. It can be done in some cases by electronic means.

A contract agreed between the parties is not formally a contract until it is executed as such, typically by a signature, by a company's common seal, with a wafer, or electronically. This is to demonstrate a clear intention to enter the contract and to be bound to it, and so typically this is signed in the presence of another party. Execution can also describe the format, so that execution of a deed is distinct from execution of a contract generally.

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Ireland—Drafting a confidentiality agreement (disclosing party)—checklist

Ireland—Drafting a confidentiality agreement (disclosing party)—checklist This Checklist is to be used when drafting a confidentiality agreement (also known as a non-disclosure agreement or NDA) where you are the party disclosing confidential information under that agreement. Consider the following questions before drafting the agreement: • what information does the business want to disclose and is that information confidential? • why does the business want to disclose that information? • will the business also be receiving confidential information from the other party? • who is the business disclosing that information to? For further information, see Precedent: Ireland—Confidentiality agreement—mutual. Checklist The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) Parties ☐ Confirm the parties to the agreement. Consider which people and/or entities will be party to the agreement. What information does the business want to disclose? ☐ Confirm how confidential information will be defined. Consider:—is a general definition or list form appropriate?—will any confidential information belonging...

Ireland—Reviewing a confidentiality agreement (receiving party)—checklist

Ireland—Reviewing a confidentiality agreement (receiving party)—checklist This Checklist is to be used when reviewing a confidentiality agreement (also known as a non-disclosure agreement or NDA) where you are the party receiving confidential information under that agreement. Consider the following questions before reviewing the agreement: • what information does the business need to receive and why? • will the business also be disclosing information to the other party? • what information is the party receiving and who needs to be able to access and use that information? For further information on confidentiality agreements, see Precedent: Ireland—Confidentiality agreement—mutual. Checklist The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) Parties ☐ Confirm the parties to the agreement. Consider which people and/or entities will be party to the agreement. What information does the business need to receive? □ Confirm how confidential information will be defined. Consider:—is a general definition or list form appropriate?—will any confidential information be disclosed...

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Virtual execution of documents

This Practice Note provides practical guidance on how to execute documents properly when one or more parties to a contract are not physically present. This is sometimes known as virtual signing or virtual closing.The Law Society has also brought together a variety of established guidance on execution of documents by virtual means, execution of documents using electronic signatures, its ‘Tips on how to operate in practice’ in relation to virtual execution and the use of e-signatures, and Q&A on how to use electronic signatures and complete virtual executions: Our position on the use of virtual execution and e-signature during the coronavirus (COVID-19) pandemic.We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents, including when executing documents by virtual means. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.Mercury Tax CaseThis guidance is consistent with the Law Society's guidance, made on 16 February 2010...

Electronic signatures

This Practice Note describes the law of electronic signatures (also known as digital signatures, e-signatures, E-Signatures, eSignatures, paperless signing or electronic document signing). It provides definitions of different types of electronic signature including simple, advanced and qualified electronic signatures and details the technology processes used in the creation of digital signatures (including public key infrastructure (PKI) technology). It considers relevant UK legislation such as the Electronic Communications Act 2000, and the UK eIDAS Regulation, and best practice in executing documents using electronic signatures.An electronic signature is the electronic equivalent of a handwritten signature and links a person to the contents of an electronic document.This Practice Note focuses on the general position under the law of England and Wales regarding commercial contracts in a business to business context. Readers should note that specific issues may arise in particular transactions, for example as a result of laws applicable to consumers.For practical guidance on how to execute documents when one or more of the parties to a contract are not physically present, see...

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Using client account as a banking facility—case studies

Using client account as a banking facility—case studies We must not use a client account to provide banking facilities to clients or third parties. This is a strict requirement of rule 3.3 of the SRA Accounts Rules, which applies to our general client account and any separate designated client accounts. Allowing our client account to be used as a banking facility carries the risk that we may assist money laundering or similar offences. You must be aware of and comply with our policy on anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing when receiving client or office money. [This includes our separate policy on receiving cash.] The SRA can impose heavy penalties for breach of rule 3.3. There does not need to be a direct risk of money laundering, etc or any suggestion of impropriety. A breach of rule 3.3 in itself is sufficient for the SRA to impose a penalty on the firm and/or any individuals involved. We must only receive money into our client account where...

Share purchase agreement—super short form

Share purchase agreement—super short form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [Insert name of selling corporate entity] incorporated in [England and Wales OR [insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Seller), and 2 [Insert name of purchasing corporate entity] incorporated in [England and Wales OR [insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Buyer), [(each of the Seller and the Buyer being a Party and together the Seller and the Buyer are the Parties).] Background (A) The Company (as defined below) is a private company limited by shares and is incorporated in [England and Wales OR [insert country of incorporation]]. Details of the Company are set out in Schedule 1[, Part A]. (B) The Seller is the legal and beneficial owner of the Sale Shares (as defined below), being in aggregate the entire...

Dive into our 11 Precedents related to Execution

Where an IVA is approved and there is a pending bankruptcy petition, what would then affect the court's decision whether to dismiss the bankruptcy petition or not?

Where an IVA is approved and there is a pending bankruptcy petition, what would then affect the court's decision whether to dismiss the bankruptcy petition or not? If a debtor enters into an individual voluntary arrangement (IVA) while a bankruptcy petition is pending, the effect on the bankruptcy petition depends on whether an interim order (IO) has been obtained. If an IO is in place, it imposes a moratorium on proceedings against the debtor, including the presentation or continuation of a bankruptcy petition. Once the IVA is approved, any pending bankruptcy petition that was stayed by the IO is, under section 260(5) of the Insolvency Act 1986, deemed dismissed unless the court orders otherwise. See Practice Note: The process of entering into an individual voluntary arrangement (IVA). Additionally, the approval of an IVA binds all creditors who were entitled to vote on the proposal, as if they were parties to the

What are the EU EMIR additional risk mitigation requirements?

What are the EU EMIR additional risk mitigation requirements? What are the EU EMIR additional risk mitigation requirements? EU EMIR imposes additional risk mitigation requirements on counterparties engaging in non-centrally cleared OTC derivative contracts. These requirements are designed to mitigate operational and counterparty credit risks. The principal risk mitigation technique which EU EMIR requires counterparties to apply is the provision of collateral (usually referred to as margin). For information, see Q&A What are the EU EMIR margin requirements? and Practice Note: EU EMIR—essentials — Margin requirements. In addition, UK EMIR requires counterparties to apply the following risk mitigation techniques: • timely confirmation • portfolio reconciliation • portfolio compression • dispute resolution, and • marking to market/marking to model What is timely confirmation? Timely confirmation requires that non-centrally cleared OTC derivative contracts be confirmed within specific deadlines. This requirement ensures that both parties agree on the terms of the contract promptly, reducing the risk of disputes and operational errors. For contracts where each counterparty is a financial counterparty (FC) or a...

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EU Law weekly highlights—10 April 2025

This week's edition of EU Law weekly highlights includes a vote by the European Parliament approving the postponement of application of the Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive, the Commission’s publication of its AI Continent Action Plan, and provisional political agreement on a regulation governing microplastics. This week’s highlights also include analyses on a court decision on compensation for non-material damages resulting from unlawful transfers of personal data, the fine issued to two subsidiaries of Deutsche Bank AG in a key greenwashing case, and the opinion of Advocate General Spielman on when stocking goods can be an infringing use of a trade mark, and the applicability of the EU AI rulebook. Finally this week, the Commission released an updated version of the Model Contractual Clauses for AI Procurement, the Commission published a statement on the implementation of sanctions, and the European Federation of Pharmaceutical Industries and Associations (EFPIA) issued a warning on risks to the industry resulting from US tariffs.

ESMA publishes final report on draft RTS on order execution policies under MiFID II

The European Securities and Markets Authority (ESMA) has published the final report on containing draft regulatory technical standards (RTS) on investment firms' order execution policies under Markets in Financial Instruments Directive (MiFID II), aimed at enhancing order execution and investor protection. The draft RTS have been submitted to the European Commission for adoption, with a decision expected within three months.

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