The eURC Version 1.1 came into force on 1 July 2019. Existing ICC rules, such as URC 522, 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.
eURC 522: ICC Uniform Rules for Collections – Supplement for Electronic Presentation (eURC) Version 1.1
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Description
The eURC Version 1.1 came into force on 1 July 2019. Existing ICC rules, such as URC 522, 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 eURC 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 collections in a digital environment and ensuring the continued relevance of these valuable instruments in mitigating trade risk.
The eURC supplements the Uniform Rules for Collections (1995 Revision, ICC Publication No. 522) (“URC”) in order to accommodate presentation of electronic records alone or in combination with paper documents.
Article e1 – Application of the eURC
Article e2 – Scope of the eURC
Article e3 – Relationship of the eURC to the URC
Article e4 – Definitions
Article e5 – Electronic Records and Paper Documents v. Goods, Services or Performance
Article e6 – Format
Article e7 – Presentation
Article e8 – Advice of Non-Payment or Non-Acceptance
Article e9 – Determination of a Due Date
Article e10 – Release of Electronic Records
Article e11 – Data Corruption of an Electronic Record
Article e12 – Additional Disclaimer of Liability for Presentation of Electronic Records under eURC
Article e13 – Force Majeure
