Blog

The newly aligned Versions of the eRules have now been published as eUCP Version 2.1 & eURC Version 1.1.

They can be downloaded, free of charge, at:

https://2go.iccwbo.org/eucp-version-2-1-icc-uniform-customs-and-practice-for-documentary-credits.html

https://2go.iccwbo.org/urc-522-icc-uniform-rules-for-collections-supplement-for-electronic-presentation-eurc.html

The specific changes include:

• Update eUCP sub-article e3 (b) (iii) & eURC sub-article e4 (b) (iii) to state, 'Electronic record, including an electronic transferable record, means ...'
• Add new definition as eUCP sub-article e3 (b) (v) & eURC sub-article e4 (b) (v)  'Electronic transferable record means an electronic record that contains the information that would be required in the equivalent paper document, such as a negotiable bill of lading or an assignable insurance document.'
• Existing eUCP sub-article e3 (b) (v) & eURC sub-article e4 (b) (v) become e3 (b) (vi) & e4 (b) (vi) respectively.
• Existing eUCP sub-article e3 (b) (vi) & eURC sub-article e4 (b) (vi)  become e3 (b) (vii) & e4 (b) (vii) respectively.
• Existing eUCP sub-article e3 (b) (vii) & eURC sub-article e4 (b) (vii) become e3 (b) (viii) & e4 (b) (viii) respectively.
• Existing eUCP sub-article e3 (b) (viii) & eURC sub-article e4 (b) (viii) become e3 (b) (ix) & sub-article e4 (b) (ix) respectively.
• Existing eURC sub-article e4 (b) (ix) becomes e4 (b) (x).

In addition, an appendix will be added to the rules, providing recommendations for SWIFT MT700 Field requirements in respect of a credit subject to the eUCP Version 2.1.

As has always been the case, the content of the eRules will be continually monitored in order to ensure applicability, and the support of trade practitioners will be an essential element moving forward. 

These rules provide many benefits in advancing the documentary credit in a digital environment and ensuring the continued relevance of this valuable instrument in mitigating trade risk.

www.tradefinance.training