Introduction
The growth of the global economy has fostered an environment for
cross-border transactions to thrive. However, in many instances
where parties are concluding agreements in cross-border
transactions, they may not be able to conclude the contracts due to
differences in location and time, giving rise to the need for
remote contract execution mechanisms.
Over the years, with the advancement of technology, we have seen
a deviation from conventional methods of concluding contracts to
the use of electronic contracts, smart contracts and the holding of
written contracts in an escrow. An example of the use of an escrow
for written contracts is where a party to a contract, who is not
available to sign the contract on the closing date, signs a
signature page prior to the closing date which is then held in an
escrow to only be released on the closing date and attached to the
rest of the contract.
