30/04/2019
In advance of our more detailed blogs, which we will be providing over the coming weeks on the content of each and every article of eUCP and eURC, below are highlights of the changes from eUCP version 1.1 to eUCP version 2.0:
Preliminary Considerations
- Introduced in eUCP Version 2.0 for the first time
Article e1
Scope of the Uniform Customs and Practice for Documentary Credits (UCP 600) Supplement for Electronic Presentations ("eUCP")
- Heading re-worded in order to add the shorthand rendition "eUCP"
- Minor structural changes
- Clarification that if an eUCP credit does not indicate the applicable version of the eUCP, it is subject to the latestversion
- Addition of the requirement to add a physical location of a bank
Article e2
Relationship of the eUCP to the UCP
Article e3
Definitions
- Minor structural changes
- Format of each term reflects that used in UCP 600
- Addition of "data processing system" to the "place for presentation"
- New definition for "Presenter"
- New definition for "Data corruption"
- New definition for "Data processing system"
- Definition of "Electronic record" expanded to include logically associated information
- Deleted the word "traditional" from the definition of "paper"
- Definition of "Received" now refers to a data processing system, and includes added reference to viewing and examination
- New definition for "Re-present" and "re-presented"
Article e4
Electronic Records and Paper Documents v. Goods, Services or Performance
Article e5
Format
Article e6
Presentation
- Structural and grammatical changes
- Amend ‘beneficiary' to ‘presenter'
- More precise explanation as to which banks are impacted
- Clarification that the notice of completeness acts as notification that the presentation is complete
- Clarification that the period for examination commences upon receipt of the notice of completeness
- A notice of completeness is not required in the forwarding of electronic records by a nominated bank to a confirming or issuing bank
- Additional methods are added in order to identify an eUCP credit
- In the event that the expiry date and/or last day for presentation are extended, it should be indicated in the covering schedule that this is in accordance with the rules
Article e7
Examination
- Sub-articles moved from the previous article e7 (Notice of Refusal)
- Minor structural changes
- Expansion to nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank
- Clarification that the forwarding of electronic records by a nominated bank indicates that it has satisfied itself as to the apparent authenticity of the records
- Addition of a sub-article to address the inability of an issuing bank or confirming bank to access electronic records already found compliant by a nominated bank
Article e8
Notice of Refusal
- Minor structural changes
- Sub-articles moved for relevance to new article e7 (Examination)
Article e9
Originals and Copies
Article e10
Date of Issuance
- Change of emphasis in that an electronic record mustnow be dated
Article e11
Transport
- Addition of ‘taking in charge' and ‘goods accepted for carriage'
- Minor structural changes
Article e12
Data Corruption of an Electronic Record
- Title of article amended for preciseness
- Clarification of the role of the banks
- Minor structural changes
Article e13
Additional Disclaimer of Liability for Presentation of Electronic Records under eUCP
- Minor structural changes
- Reference to a data processing system
- Banks are liable for their own data processing systems
Article e14
Force Majeure
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