What is an authoritative copy?
The authoritative copy is the digital record of an original and unique document that evidences a monetary obligation and a security interest in specific goods, which has not been altered since it was signed and vaulted.
Companies working in the financial services industry are most likely to require vaulting of authoritative copies, such as banks, mortgage companies, auto financers, personal loan services, etc.
What is Certified Vault for authoritative copies of digital assets?
The Certified Vault is a SmartVault add-on that offers the ability to request signatures on documents that become the immutable Authoritative Copy which meets the requirements of Article 9 of the Uniform Commercial Code 9-105 (UCC 9-105).
How does Certified Vault meet legal compliance standards?
SmartVault complies with the UCC 9-105 requirements and provides secure access to the authoritative copy for authorized users. SmartVault creates, stores, and assigns the authoritative copy in such a manner that is immutable, designated as the authoritative copy and designates SmartVault as the custodian.
Using the SmartVault Certified Vault requires acknowledgment and agreement to the Supplemental Terms of Service.
Who should be using Certified Vault?
The Certified Vault feature is primarily used by financial services companies when managing documents related to the financings of goods, such as cars and equipment. These contracts between the parties are referred to as chattel paper and the UCC 9-105 are rules and regulations that ensure the integrity of the agreements.
Is the DocuSign envelope considered the Authoritative Copy, or is the document inside the envelope considered the Authoritative Copy?
The Authoritative Copy is the document itself. SmartVault uses a DocuSign envelope to create it.
Does Certified Vault require a one-time fee, or will the customer pay for it when renewing their annual subscription?
The Certified Vault is only available for customers on annual plans, and it is a recurring charge.
Is Certified Vault available for customers on monthly subscriptions?
No. The Certified Vault is only available for customers on annual plans.
How long does it take to enable Certified Vault?
Enabling Certified Vault is a combined effort between SmartVault and DocuSign personnel, and therefore, the process will take several days before the customer can use the feature.
Why should I use Certified Vault?
SmartVault manages the authoritative copy of your document while securely providing access to those who are authorized.
Who will have access to the Authoritative Copy?
Only administrators and authorized users within an organization will have access to the authoritative copy.
How do I get access to authoritative copies after canceling my subscription?
If you cancel your subscription and still need access to authoritative copies, you need to contact SmartVault for assistance.