The eUCP Version 2.1 came into force on 1 July 2019. Existing ICC rules, such as UCP 600, while being invaluable in a paper world, provide limited protection when applied to electronic transactions. It is inevitable that traditional trade instruments will, over time, inexorably move towards a mixed ecosystem of paper and digital, and, ultimately, to electronic records alone.
eUCP VERSION 2.1 – ICC Uniform Customs and Practice for Documentary Credits
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Description
The eUCP Version 2.1 came into force on 1 July 2019. Existing ICC rules, such as UCP 600, while being invaluable in a paper world, provide limited protection when applied to electronic transactions. It is inevitable that traditional trade instruments will, over time, inexorably move towards a mixed ecosystem of paper and digital, and, ultimately, to electronic records alone.
The content of the eUCP will be continually monitored in order to ensure applicability. The support of trade practitioners will be an essential element moving forward. These rules provide many benefits in advancing documentary credits in a digital environment and ensuring the continued relevance of these valuable instruments in mitigating trade risk.
The eUCP supplements the Uniform Customs and Practice for Documentary Credits (2007 Revision ICC Publication No. 600,) (“UCP”) in order to accommodate the presentation of electronic records alone or in combination with paper documents.
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS FOR ELECTRONIC PRESENTATION (EUCP) VERSION 2.1: Preliminary Considerations
ARTICLE e1 – Scope of the Uniform Customs and Practice for Documentary Credits (UCP 600) Supplement for Electronic Presentations (“eUCP”)
ARTICLE e2 – Relationship of the eUCP to the UCP
ARTICLE e3 – Definitions
ARTICLE e4 – Electronic Records and Paper Documents v. Goods, Services or Performance
ARTICLE e5 – Format
ARTICLE e6 – Presentation
ARTICLE e7 – Examination
ARTICLE e8 – Notice of Refusal
ARTICLE e9 – Originals and Copies
ARTICLE e10 – Date of Issuance
ARTICLE e11 – Transport
ARTICLE e12 – Data Corruption of an Electronic Record
ARTICLE e13 – Additional Disclaimer of Liability for Presentation of Electronic Records under eUCP
ARTICLE e14 – Force Majeure
