Bergami, Roberto (2004) eUCP: a revolution in international trade? The Vindobona Journal of International Commercial Law and Arbitration, 8 (1). pp. 23-36. ISSN 1439-9741

Abstract

Letters of Credit continue to be the most popular method of international payments in the trading community, but there is a push to convert traditional processes to the electronic age of paperless transactions. This paper discusses the new eUCP regulations (version 1.0), which became effective on 1 April 2002. Touted as a revolution by some commentators, this set of rules is an electronic supplement to the established principles of the traditional Letter of Credit rules, which rely on paper-based flows of documents to satisfy the requirements of this instrument of payment. The eUCP provides some flexibility, but also some uncertainty about their operations, particularly on issues related to systems standards and certainty of electronic records integrity. In the discussion, comments will be made about the reservations and concerns traders and service providers may have about the operations of these new rules and whether they facilitate or complicate presentation of documents under this method of payment.

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