The International Chamber of Commerce (ICC) has released Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP) Version 2.1.

This is neither a revision nor an update of the eUCP. Rather, it aligns the eUCP with the UNCITRAL Model Law on Electronic Transferable Records (MLETR).

Regular updates

The eRules have been intentionally developed with version numbers so they can be updated regularly without impacting upon other existing ICC rules, with the aim of reducing the time required to develop any potential identified revision.

At the time of drafting the eRules, very little key legislation was in place, thereby negating any need at the time to include definitions or clarification of the meaning of an electronic transferable record.

Alignment benefits

However, recent developments have now made it evident that enhanced alignment with MLETR, and similar legal developments elsewhere around the world, would provide intrinsic benefits.

The ICC says these rules provide many benefits in advancing the documentary credit in a digital environment and ensuring the continued relevance of this instrument in mitigating trade risk.

The eUCP Version 2.1 can be found here.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.