Electronic Transactions Law
During its weekly session chaired by Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz, on Monday 7 Rabi Awal, 1428H. The Council of Ministers approved the Electronic Transactions Law. The Law aims at controlling, regulating and providing a legal framework for electronic transactions and signatures.
According to the Law, a person may set additional conditions for accepting electronic transactions and signatures, provided that, such conditions do not conflict with the provisions of this Law. Electronic transactions, records and signatures shall have full effect and their validity and enforceability may not be contested, nor may the execution thereof be stayed on the ground that they were wholly or partially conducted by electronic means, provided that, such electronic transactions, records or signatures are carried out in compliance with the conditions provided for in this Law. Offer and acceptance of contracts may be expressed by electronic means, and such contracts shall be deemed valid and enforceable if concluded in accordance with the provisions of this Law.
The Issuance of this Law constitutes significant development in the legal structure of the electronic transactions system as well as in controlling, regulating and providing a legal framework for electronic transactions and signatures in general, thus providing effect and validity for these transactions. The electronic signature shall be equal to a hand-written signature, having the same legal effects, provided that, it is carried out in compliance with the conditions provided for in this Law. Electronic transactions shall have full effect and enforceability and shall be deemed as new mean for transactions processing. The Electronic Transactions Law covers all electronic dealings.
To read full text of the Law, click here