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eUCP Version 2.0: Preliminary Considerations

02/05/2019

The precedent for including ‘Preliminary Considerations' within ICC rules was established in ISBP, and with the preamble to DOCDEX. The preliminary considerations are listed on a separate page to the rules in order to provide a distinction between the two.

 

The mode of presentation to a bank for examination and the subsequent mode for delivery of that presentation to the applicant, once honour has occurred, are outside the scope of the rules.

 

UCP 600 definitions, unless defined or modified by eUCP, will continue to be applicable. This emphasises the statement within eUCP sub-article e1 (a) that the eUCP is a supplement to the UCP.

 

In order for banks to examine any electronic records, they must ensure that they have in place both the technological and operational capabilities to do so. Such capability pertains to all stages of the documentary credit process: issuing, advising, confirming, amending, and transferring.

 

Similar preliminary considerations have been listed in the eURC in order to create consistency between the two sets of rules.

 

 

 

 

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