Scope of Authority
List specific actions the agent may perform (e.g., sign checks, approve invoices, initiate ACH transfers), including dollar limits and excluded activities to prevent overreach.
A precise agreement reduces ambiguity about authority, limits operational delays, and documents who may act on financial matters. It establishes responsibility, helps meet vendor and bank compliance checks, and supports auditability for internal controls and regulatory review.
Determine stakeholders early—legal, finance, and the accepting third party (bank/vendor) should confirm required elements before execution.
The individual or legal entity granting authority. Must provide name exactly as shown on official records and specify the permitted financial activities to avoid ambiguity or later disputes.
The person or entity authorized to act. Identification, contact details, and scope of authority must be included; institutions may require additional identity verification before honoring actions.
List specific actions the agent may perform (e.g., sign checks, approve invoices, initiate ACH transfers), including dollar limits and excluded activities to prevent overreach.
Specify start and end dates or triggering events. Include whether the authority is immediate, conditional, or revocable and how termination is communicated.
Provide full legal names, business entity identifiers (EIN), addresses, and government ID details where required for institutional acceptance.
State required authentication for actions (wet signature, notarization, RON, multi-factor authentication) and whether eSignature is acceptable.
Require that signed transactions include timestamps, signer attribution, and document retention procedures to support audits and dispute resolution.
Include caps on liability, indemnification language, and a clause addressing third-party reliance to clarify responsibilities and risk allocation.
| Field | Configuration |
|---|---|
| Signature Block | Require signer name, date, and role; lock fields after completion |
| Authentication | Use email + SMS code or stronger KBA where bank acceptance requires higher assurance |
| Notary / RON | Enable RON workflow or include offline notary step as needed |
| Audit Trail | Capture IP, timestamp, and action log for each signer |
Validate that recipients (banks, vendors) will accept the chosen electronic or remote notarization workflow before final execution to avoid rework.
| signNow | DocuSign | Adobe Sign | PandaDoc | HelloSign | |
|---|---|---|---|---|---|
| Starting Price | $8/user/mo | $15/user/mo | $14/user/mo | $19/user/mo | $15/user/mo |
| Free Trial | 7-day free trial | Varies by plan | Varies by plan | Varies by plan | Varies by plan |
| Bulk Send | Yes | Yes | Yes | Yes | No |
| Audit Trail | Yes | Yes | Yes | Yes | Yes |
| HIPAA Compliant | Yes | Yes | Yes | No | No |
| Envelope Cap | No cap | 100 envelopes/user/year | Plan-dependent | Plan-dependent | Plan-dependent |
When the agent's authority begins (use MM/DD/YYYY)
Send certified copies to banks and vendors promptly after execution
Provide written revocation and confirm receipt to third parties
Begin retention from execution date per policy
Provide W-9 upon request for payees to avoid backup withholding
Draft the agreement and obtain legal and finance review
Collect IDs and any KYC documentation required by institutions
Sign, notarize or use RON, and capture audit trail
Deliver certified copies to banks, vendors, and internal records