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Electronic
documents and letters of credit - the way of the future
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| One
day it will all be electronic |
Paris,
3 December 2003
- Our Book of the Month for December offers authoritative guidance on
how to use the electronic supplement to ICC's universally applied rules
on documentary credits, UCP 500.
Launched
in April 2002, the eUCP raises numerous questions for documentary credit
practitioners as its popularity grows.
The
ICC Guide to the eUCP explains the supplement's principles for dealing
with the growing number of electronic documents - shipping records, customs
clearance and banking documents - that are now being presented in letter
of credit transactions.
The
book discusses key issues, such as the eUCP and local law; the way applicants,
banks and beneficiaries can prepare to use the supplement; and how readers
should approach the Guide itself.
Cross-references
provide specific links to other provisions within the eUCP, as well as
information on the relationship of eUCP to relevant rules and legal statutes.
Appendices
provide excerpted texts, such as the UN Model Law on Electronic Commerce
and the UN Convention on Independent Guarantees and Standby Letters of
Credit.
The
authors are DanTaylor, who co-chaired the working group that developed
the eUCP, and Professor James E. Byrne, Director of the Institute of International
Banking Law and Practice.
The
ICC Guide to the eUCP 2003 may be ordered from ICC Publishing,
in Paris, online from the ICC Business
Bookstore, or from ICC
national committees around the world.
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