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The eUCP is a supplement to the UCP that, when used in conjunction with the UCP, will provide the necessary rules for the presentation of the electronic equivalents of paper documents under letters of credit.
Introduction
The official name for this publication is "Supplement to the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (Version 1.1)". It uses the acronym "eUCP".
During the course of drafting UCP 600, ICC national committees indicated that, due to the limited usage of eUCP Version 1.0, the eUCP should remain as a supplement to the UCP. Version 1.1 has, therefore, been updated solely to reflect the changes made in UCP with regard to terminology and style of presentation.
The eUCP continues to provide definitions permitting UCP 600 terminology to accommodate the electronic presentation of the equivalent of paper documents and providing necessary rules to allow both sets of rules to work together. The eUCP allows for presentation electronically or for a mixture of paper documents and electronic presentation.
It is important for the eUCP reader to understand that many articles of the UCP are not impacted by the presentation of the electronic equivalent of paper documents and do not require any changes to accommodate electronic presentation.
When read together, the UCP and the eUCP provide the necessary rules for electronic presentation and are broad enough to anticipate developing practice in this area. Where specific words or phrases used in the UCP are defined in the eUCP, these definitions, unless otherwise stated, apply wherever the terms appear in the UCP.
eUCP Version 1.1 is specific to UCP 600 and, if necessary, may have to be revised as technologies develop, perhaps prior to the next revision of the UCP. For that purpose, the eUCP is issued in version numbers that will allow for a revision and subsequent version if the need arises.
The eUCP has been specifically drafted to be independent of specific technologies and developing electronic commerce systems, i.e., it does not address specific technologies or systems necessary to facilitate electronic presentation. These technologies are evolving, and it is left to the parties to the credit to agree on the technology or systems to be used for presentation of electronic records in compliance with the requirements of the eUCP.
All of the articles of eUCP Version 1.1 are consistent with UCP 600 except as they relate specifically to electronic presentations. Where necessary, changes have been made to address the unique issues related to presentation of the electronic equivalent of paper documents.
In order to avoid confusion between the articles of the UCP and those of the eUCP, the eUCP articles are numbered with an "e" preceding each article number.
Gary Collyer Corporate Director, ABN AMRO Bank N.V., London, UK and Technical Adviser to the ICC Commission on Banking Technique and Practice November 2006