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UCP 600

eUCP Version 2.0

Definitions

Where not defined or amended in the eUCP, definitions given in UCP 600 will continue to apply

Where terms are also used in UCP 600, definitions are updated for application to an electronic record

Scope

Paper documents (and electronic records if strictly defined, although UCP 600 only provides limited protection)

Electronic records alone or in combination with paper documents 

Application

UCP 600 

UCP 600 & eUCP Version 2.0

Relationship

UCP 600 

In event of conflict, eUCP prevails

Presentation of only paper documents

UCP 600 

UCP 600

Documents examined on their face

Review of data within a document in order to determine that a presentation complies with international standard banking practice and the principles contained in UCP 

Electronic records are examined only for the data received and not the reality that such data represents 

Document

The term suggests format in a paper medium: unless specifically allowed under the terms and conditions of a UCP 600 credit, it is expected that all presentations under such a credit be in a paper format  

Adds the term ‘electronic record' to the meaning 

Place for presentation

The place where the documentary credit is available 

Extends the phrase to include an electronic address 

Data Processing System

Not necessarily used

A computerised or an electronic or any other automated means used to process and manipulate data, initiate an action or respond to data messages or performances in whole or in part 

Electronic signature

Not specifically defined: article 3 highlights that ‘a document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol, or any other mechanical or electronic method of authentication' 

Data attached to an electronic record with the intent of identifying the signer and authenticating the record 

Format

Unless specifically stated otherwise, expected to be paper

The protocol by which data is organised, the version of that format, or the shorthand name by which that protocol is recognised and described 

Paper document

Unless otherwise stipulated, assumption is that all ‘documents' are in a paper medium: however, as is often the case with UCP 600, this fundamental assumption is not stated expressly and, instead, the term ‘document' is used

Refers to a document in a paper medium, the type of document which is expected to be presented under UCP 600 

Authentication

The process by which the validity of the representations and the paper documents containing them are ascertained: under UCP 600, the level of authentication of paper documents is facial

Identifying the person sending a message and the source of the message, and associating the person authenticating with the content of the message authenticated 

Goods, Services or Performance

Banks deal with documents and not with goods, services or performance to which the documents may relate

Also addresses electronic records 

Notice of completeness 

Not applicable

Presentation does not take place until the presenter provides a notice of completeness to the nominated bank, confirming bank, if any, or to the issuing bank 

Time for examination

Once presentation is made to an issuing or confirming bank, the time for examination commences 

Electronic records may be presented separately and, even if paper documents are presented in one lot, they must be coordinated with the electronic records: the time for the examination of documents does not commence until the notice of completeness is received

Period for examination

Maximum of five banking days following the day of presentation to determine if a presentation is complying 

Remains applicable 

Approach by the issuing bank to the applicant in order to seek a waiver of discrepancies 

UCP 600 sub-article 16 (b) (Discrepant Documents, Waiver and Notice) 

Remains applicable

Notice process for discrepant documents

UCP 600 sub-article 16 (b) (Discrepant Documents, Waiver and Notice) 

Remains applicable

Disposition of documents in event no instructions received subsequent to notice of refusal

Paper documents can be held or returned 

Return any paper documents and ‘may dispose of the electronic records in any manner deemed appropriate without any responsibility' 

Originals & copies

UCP 600 sub-articles 17 (b) and (c)

Any requirement for an original is satisfied by the presentation of one electronic record: in the event of a requirement for multiple copies, the condition will be fulfilled by presentation of one electronic record

Date of issuance

Requirement for a document to be dated is with respect to the identification of certain dates on transport and insurance documents. In addition, there are expectations that other documents, such as statements or certifications, must contain a date. ISBP 745 goes into more detail as to documentary requirements under UCP 600. Credits may also contain a specific requirement that a document be dated

Effectively dates electronic records, with the result that all such records must be dated: if there is to be any other way of determining the date of issuance then this will be for the eUCP credit itself to determine 

Date of shipment or dispatch
or taking in charge or a date the goods were accepted for carriage 

Contains elaborate rules for determining the date of shipment or dispatch that are individualised according to the type of transport document involved 

Date of shipment is the date in the electronic transport record indicating shipment or dispatch or taking in charge or the goods were accepted for carriage. If there is no date indicating shipment or dispatch or taking in charge or goods accepted for carriage, the date of shipment or dispatch is the date of issuance of the electronic transport record unless there is a notation evidencing shipment or dispatch or taking in charge or goods accepted for carriage 

Data corruption

No rule for paper documents that are lost or rendered unreadable by a
bank after they have been received; most banks have procedures in place that minimise the consequences of such loss and there is no perceived need for such a rule. These procedures involve refusing payment based on discrepancies in the documents that are presented, requesting a substitute document, or indemnifying the applicant for any harm that may result from the lost document

Provides a method by which corrupted data may be re-presented; based on the assumption that all electronic records are replaceable 

Disclaimers

Contains several disclaimers that are also relevant to an eUCP credit

Additionally, disclaims banks' liability for any divergence from the realities represented in authenticated electronic records

Force Majeure

States the force majeure events for which a bank assumes no liability or responsibility 

Extended to cover the inability of a bank to access a data processing system, or a failure of equipment, software or communications network