Common use of Facsimile or Electronic Transmission Clause in Contracts

Facsimile or Electronic Transmission. If the Parties elect to form this Agreement by exchanging facsimile or electronic transmissions of signed counterparts of it, then: (a) the Agreement will be deemed to have come into effect at the time and on the date when the counterpart which is last executed is received in fully intelligible form by the party to whom it has been transmitted (assuming that a signed counterpart has been previously executed and previously transmitted and received by each non-signing party prior to the time at which the last executed counterpart is transmitted and received by the party to whom it is addressed); and (b) as soon as is reasonably practicable after this Agreement comes into effect by way of facsimile or electronic transmission, the Parties must exchange signed original counterparts of it. (c) Any non-compliance with paragraph (b) will not affect the validity, enforceability or binding effect of this Agreement.