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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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UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 3 April 2025 FCA PS25/2: Derivatives trading obligation and post-trade risk reduction services The Financial Conduct Authority (FCA) has published policy statement PS25/2 on the derivatives trading obligation (DTO) and post-trade risk reduction services. It sets out feedback to CP24/24 and the FCA’s final rules on the classes of SOFR OIS (secured overnight financing rate overnight index swaps) subject to the derivatives trading obligation (DTO) and the framework for post-trade risk reduction services which aims to ensure investment firms...
EU EMIR—timeline This timeline shows key developments relating to Regulation (EU) 648/2012 (EU EMIR) from January 2024 onwards. For earlier developments, see European Market Infrastructure Regulation (EMIR)—timeline [Archived]. 2025 Date Source Document Description 8 April 2025 ESMA ESMA consults on clearing thresholds under EMIR 3 The European Securities and Markets Authority (ESMA) has published a consultation paper on new clearing thresholds under the review of the European Market Infrastructure Regulation (EU) 2024/2987 (EMIR 3) —part of ESMA's mandate to develop regulatory technical standards (RTS) on clearing thresholds. The paper seeks input on revised clearing thresholds, hedging exemptions for non-financial counterparties, and a trigger mechanism for reviewing the thresholds. The focus is on a revised clearing threshold methodology on the activity in over the counter (OTC) derivatives not cleared at an authorised or recognised central counterparty (CCP). The aim is to ensure a proportionate clearing obligation regime for entities with significant OTC derivatives activity and large uncleared positions. Responses are due by 16 June 2025, with a final report...
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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...
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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Execution clause (Scotland)—self-proving execution by an individual general partner or an authorised signatory for a limited partnership Subscribed by [insert name of individual] as [General Partner OR Authorised Signatory] for and on behalf of [insert name of limited
Facility letter (term loan): single company borrower—bilateral—unsecured [TO BE PRINTED ON THE HEADED PAPER OF THE LENDER] [insert name and address of borrower] [insert date] Dear [insert full name of borrower] We offer to place at your disposal a Sterling loan facility in the aggregate principal amount of £[insert amount in figures] ([insert amount in words] Sterling) [for the purpose of [insert details]] on the following terms and conditions: 1 Definitions 1.1 In this letter, unless otherwise provided: Base Rate • means the base rate of [the Lender OR [insert name of Bank]] for the time being and from time to time; Borrower • means [insert name of company], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address]; Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment Expiry Date • means the earlier of the date falling [insert number]...
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Can you seek a bankruptcy order for an amount greater than the amount in the statutory demand? A statutory demand is a formal demand for a debt served by a creditor on its debtor. Failure by the debtor to pay the debt, or satisfy or secure it to the creditor's satisfaction—or take the appropriate steps to challenge it—will create a presumption that the debtor is insolvent (on an inability to pay basis) and therefore exposes the debtor to the risk that insolvency proceedings will be commenced by the creditor. See: Statutory demands for restructuring and insolvency professionals—overview. A sum demanded can, for example, include interest or other charges but such amount must be limited to that which has accrued at the date of the demand (the Insolvency (England and Wales) Rules 2016, SI 2016/1024, r 10.1(8)). A creditor's bankruptcy petition can be founded on an unsatisfied statutory demand which has not been set aside; the only other ground on which a creditor may present a bankruptcy petition is where following...
To what extent does an appeal of disclosure provisions within a directions order made at a CMC automatically stay the other directions in that order? What steps can and/or should the party take so as to stay that case management order pending the outcome of the appeal? Stay of proceedings In general, neither the commencement of an appeal nor the grant of permission to appeal affects the enforceability of the material judgment below. Therefore, to achieve a stay of proceedings, you will need to apply to the court. Aside from the prompt nature of appeals in general, given the terms you are most likely to want to stay (eg payment of damages and/or costs) are likely to have tight time limits for compliance, any application seeking a stay of execution pending appeal should be made promptly and most often in the application for permission to appeal within the appellant's notice. For guidance on the application for permission to appeal, see Practice Note: Starting an appeal—general provisions....
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Arbitration analysis: The Court of Appeal of Douai upholds a first instance ruling by the Commercial Court of Arras, declining jurisdiction in favour of arbitration, based on an arbitration clause. Even though the proceedings initiated by the claimant SCEA [D] et Fils (‘SCEA [D]’) raised a legal question as to the contractual existence of two prior unsigned agreements, upon which the respondent SAS Groupe Carré (‘Groupe Carré’) had relied to offset alleged indemnities against a subsequent contractual invoice, the Court held that the dispute pertained to the latter signed contract, such that the matter of the contractual existence was merely an argument related to the latter contract, and not the subject of the dispute. As that contract contained an arbitration agreement, the court held that it did not have jurisdiction to hear the dispute. Written by Adi Trivedi, associate, and Sara Nadeau-Seguin, partner, at Teynier Pic, in Paris.
Commercial analysis: A case brought to the Court of Appeal challenging the High Court’s decision on the scope of fiduciary duty, informed consent and dishonesty. The court clarified that agents must fully disclose commissions (including the amount and method of funding) to avoid breaching fiduciary duties. Engie Power could only be liable as an accessory if dishonest and the court found the limitation period began when commission was paid, not when the contract was signed. The appeal was allowed in part. Written by Alexander Whatley, barrister at 3PB Chambers.
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