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eUCP - REFRESHERDisclaimer:These notes are intended for spaced revision and refresher purposes only. They are a condensed summary of key points and do not constitute a comprehensive substitute for the International Chamber of Commerce (ICC) publications on the relevant topic.For in-depth understanding and detailed information, please refer to the official ICC publications on the subject. These publications provide authoritative guidance and interpretations, ensuring you have the most current and accurate information available.Remember:These notes are not a replacement for professional advice or legal counsel. Always consult the official ICC publications for complex situations or critical decisions.By using these notes, you acknowledge and agree to these terms.

• Article e1 of the eUCP Version 2.1 outlines the scope and application of the Uniform Customs and Practice for Documentary Credits (UCP 600) supplement for electronic presentations (eUCP). Here is an explanation of the key points mentioned in the article:• a. The eUCP serves as a supplement to the UCP 600 to facilitate the presentation of electronic records either on their own or in conjunction with paper documents. This adaptation allows for the incorporation of electronic records into the traditional documentary credit process.• b. The eUCP is applicable when the credit explicitly states that it is subject to the eUCP. In other words, the eUCP rules come into effect when the credit specifically references them.• c. Version 2.1 is the current iteration of the eUCP. Any eUCPcredit must specify the version of the eUCP that applies to it. If the version is not indicated, the credit defaults to the latest version in effect at the time the credit is issued or, if an amendment incorporating the eUCP is accepted by the beneficiary, the date of that amendment.Get help for CDCS

• d. An eUCP credit must include the physical location of the issuing bank. Additionally, it should specify the physical locations of any nominated bank and, if different, the confirming bank, provided that this information is known to the issuing bank at the time of issuance. If the physical location of the nominated or confirming bank is not initially indicated in the credit, the relevant bank must communicate its physical location to the beneficiary no later than the time of advising or confirming the credit. This requirement ensures transparency and clarity regarding the locations of the involved banks in the credit transaction process [T2].Get help for CDCS

• Article e2 of the eUCP Version 2.1 addresses the relationship between the eUCP and the UCP (Uniform Customs and Practice for Documentary Credits). Here is an explanation of the key points outlined in this article:• a. An eUCP credit is automatically subject to the UCP even without explicit mention or direct inclusion of the UCP in the credit documentation. This means that the eUCP rules are supplementary to the UCP rules and are inherently incorporated into any eUCP credit transaction.• b. In cases where both the eUCP and UCP are applicable, the provisions of the eUCP take precedence over the UCP rules if they would lead to different outcomes. This ensures that the specific regulations and guidelines outlined in the eUCPfor electronic presentations are followed and implemented, overriding any conflicting provisions in the UCP.Get help for CDCS

• c. If an eUCP credit provides the beneficiary with the option to choose between presenting paper documents or electronic records, and the beneficiary decides to present only paper documents, then the UCP rules alone will govern that particular presentation. Similarly, if the eUCP credit restricts presentations to only paper documents, then the UCP rules will exclusively apply in such cases. This provision clarifies the hierarchy of rules to be followed based on the type of documents presented in a transaction under an eUCP credit [T6].Get help for CDCS

• Article e3 of the eUCP Version 2.1 provides definitions for key terms used in the context of electronic records presented under eUCP credits. Here is an explanation of the defined terms:• a. Definitions related to terms used in the UCP for electronic records under eUCP:• i. "Appear on their face and the like" refers to the examination of the data content of an electronic record, similar to how it would be done for paper documents.• ii. "Document" includes electronic records, expanding the traditional definition to encompass digital formats.• iii. "Place for presentation of an electronic record" signifies the electronic address of a data processing system where the electronic record is to be presented.• iv. "Presenter" denotes the beneficiary or any party acting on behalf of the beneficiary who presents the electronic record to the relevant banks.• v. "Sign and the like" includes electronic signatures, acknowledging the validity of electronic signatures in the context of eUCP transactions.• vi. "Superimposed, notation or stamped" refers to data content in an electronic record that carries additional information or markings.Get help for CDCS

• b. Definitions specific to terms used in the eUCP:• i. "Data corruption" pertains to any distortion or loss of data that renders the electronic record unreadable.• ii. "Data processing system" is defined as a computerized or electronic means used to process and manipulate data.• iii. "Electronic record" encompasses data created, sent, or stored electronically, capable of authentication and examination for compliance with eUCP credit terms.• iv. "Electronic signature" is a data process associated with an electronic record, indicating the identity and authentication of the person.• v. "Electronic transferable record" refers to an electronic record containing information equivalent to a paper document like a negotiable bill of lading.• vi. "Format" denotes the data organization of an electronic record.• vii. "Paper document" signifies a document in physical form.• viii. "Received" indicates when an electronic record enters a data processing system in an acceptable format.• ix. "Re-present or re-presented" means substituting or replacing an electronic record previously presented.

• Article e4 of the eUCP Version 2.1 states that banks do not engage with the goods, services, or performance to which an electronic record or paper document may pertain. This means that banks involved in the documentary credit process focus on the financial aspects and compliance of the documents presented, rather than the actual goods, services, or performance described in those documents. The responsibility of the banks is primarily to verify the documents presented in accordance with the terms of the credit.• On the other hand, Article e5 of the eUCP requires that an eUCP credit specifies the format of each electronic record to be presented. If the format of an electronic record is not explicitly indicated in the credit, the beneficiary may present the electronic record in any format. This provision allows flexibility for the beneficiary in presenting electronic records, as long as they comply with the requirements of the eUCP credit.• These articles emphasize the separation of the banking role from the underlying goods, services, or performance described in the documents and provide guidelines on the format requirements for electronic records under eUCPcredits [T5].

• Article e6 of the eUCP Version 2.1 outlines the rules and procedures related to the presentation of electronic records under eUCP credits. Here is an explanation of the key points mentioned in the article:• a. i. An eUCP credit must specify a designated place for the presentation of electronic records, ensuring clarity for the parties involved.• ii. In cases where both electronic records and paper documents are required or allowed to be presented, the eUCP credit should indicate separate places for the presentation of electronic records and paper documents, if applicable.• b. Electronic records can be presented independently of paper documents and do not have to be submitted simultaneously.• c. i. When presenting one or more electronic records alone or with paper documents, the presenter must issue a notice of completeness to the relevant banks. This notice signals that the presentation is complete and initiates the examination period.• ii. The notice of completeness can be transmitted as an electronic record or a paper document and must specify the eUCP credit to which it pertains.

• iii. Failure to receive the notice of completeness implies that the presentation has not been made.• iv. If a nominated bank forwards electronic records to a confirming or issuing bank, a separate notice of completeness is not required.• d. i. Each presentation of an electronic record under an eUCP credit must clearly identify the specific eUCP credit under which it is being presented. This identification can be included within the electronic record itself, in attached metadata, or in accompanying documentation.• ii. Failure to identify the eUCP credit may result in the presentation being considered as not received.• e. i. If a bank is unable to receive an electronic record on the specified deadline due to system issues, the deadline is extended to the next banking day when the bank can accept the electronic record.• ii. The nominated bank must inform the confirming or issuing bank about the extension of time for presentation.• iii. If only the notice of completeness remains to be presented and the bank's system is unavailable, it can be sent via telecommunication or paper before the system is operational, and it will be considered timely.

• f. An electronic record that cannot be authenticated is treated as if it has not been presented, emphasizing the importance of ensuring the authenticity of electronic records before submission.Get help for CDCS

• Article e7 of the eUCP Version 2.1 focuses on the examination process of electronic records presented under eUCP credits. Here is an explanation of the key points mentioned in the article:• a. i. The examination period for documents begins on the banking day following the receipt of the notice of completeness by the nominated bank, confirming bank, or issuing bank, depending on the presentation method.• ii. If the deadline for document presentation or the notice of completeness is extended as per the provisions in sub-article e6 (e) (i), the examination period starts on the next banking day after the bank can receive the notice of completeness at the designated presentation location.• b. i. If an electronic record includes a hyperlink to an external system or indicates that the record can be reviewed through an external system, that external system or hyperlink is considered an integral part of the electronic record for examination purposes.• ii. Failure of the external system to provide access to the necessary electronic record during examination is considered a discrepancy, with exceptions outlined in sub-article e7 (d) (ii).

• c. The inability of a nominated bank, confirming bank, or issuing bank to examine an electronic record in the required format specified by the eUCP credit, or in the format presented, cannot be used as a basis for refusal.• d. i. When a nominated bank forwards electronic records, it signifies that the bank has verified the apparent authenticity of the electronic records.• ii. If a nominated bank determines that a presentation is compliant and forwards the electronic records to a confirming or issuing bank, the confirming or issuing bank must honor, negotiate, or reimburse the nominated bank, even if a specified hyperlink or external system prevents the examining bank from accessing certain electronic records exchanged between banks.

• Article e8 of the eUCP Version 2.1 pertains to the "Notice of Refusal" in the context of electronic records presented under eUCP credits. Here is an explanation of the key points outlined in this article:• If a nominated bank, confirming bank, or issuing bank issues a notice of refusal for a presentation that includes electronic records and does not receive instructions from the concerned party within 30 calendar days from the date of refusal, the following actions are to be taken:• The bank must return any paper documents that were not previously returned to the party.• The bank has the authority to dispose of the electronic records in any manner it deems appropriate without assuming any responsibility.• This article establishes the protocol to be followed when a bank refuses a presentation containing electronic records and the subsequent handling of the electronic records if no instructions are received within the specified timeframe.• Additionally, other relevant articles mentioned in the provided text are:

• Article e9: Originals and copies - It states that the requirement for presenting originals or copies of an electronic record can be fulfilled by presenting a single electronic record.• Article e10: Date of issuance - It mandates that an electronic record must clearly indicate its date of issuance.

• Article e11 of the eUCP Version 2.1 addresses the handling of electronic records related to transport when essential dates such as shipment, dispatch, taking in charge, or acceptance for carriage are not explicitly indicated. Here is an explanation of the key points outlined in this article:• - If an electronic record that serves as evidence of transport does not specify crucial dates like shipment, dispatch, taking in charge, or acceptance for carriage, the date of issuance of the electronic record will be considered as the relevant date for these actions.• - However, if the electronic record includes a notation that clearly indicates the dates of shipment, dispatch, taking in charge, or acceptance for carriage, the date mentioned in the notation will be deemed as the actual date for these transport-related activities.• - Notations providing additional data content regarding transport dates do not require separate signatures or authentication processes.

• This article ensures that in cases where transport-related dates are not explicitly stated in the electronic record, the date of issuance of the record is used as a default reference point for these activities. It also allows for the consideration of specific notations within the electronic record that clearly indicate the relevant transport dates, thereby ensuring accuracy and clarity in determining the timeline of shipment, dispatch, taking in charge, or acceptance for carriage within the context of electronic presentations under eUCP credits [T6].

• Article e12 of the eUCP Version 2.1 deals with the scenario of data corruption in an electronic record and outlines the procedures to be followed in such cases. Here is an explanation of the key points covered in this article:• a. If a bank (nominated, confirming, or issuing) receives an electronic record that appears to have been affected by data corruption, it has the authority to inform the presenter of the issue and request the electronic record to be re-presented.• b. If the bank requests a re-presentation of the electronic record:• i. The examination process is temporarily suspended until the electronic record is re-presented, at which point the examination resumes.• ii. If the nominated bank is not a confirming bank, it must notify any confirming bank and the issuing bank about the request for re-presentation and inform them of the suspension of the examination process.• iii. If the same electronic record is not re-presented within 30 calendar days or before the expiry date or last day for presentation, whichever comes first, the bank has the option to consider the electronic record as not presented.•

• Article e13 of the eUCP Version 2.1 introduces an additional disclaimer of liability for banks regarding the presentation of electronic records under eUCP rules. Here is an explanation of the key points outlined in this article:• a. When a bank ensures the apparent authenticity of an electronic record, it does not bear liability for aspects such as the identity of the sender, the information source, or the complete and unaltered nature of the record beyond what is visibly evident in the electronic record received through a data processing system used for receiving, authenticating, and identifying electronic records. This means that the bank's responsibility is limited to verifying the authenticity of the presented electronic record based on the information available within the record itself and through the bank's data processing system.• b. The bank also disclaims liability or responsibility for any consequences that may arise due to the unavailability of a data processing system other than its own. This clause absolves the bank from any repercussions resulting from issues related to the functioning or accessibility of external data processing systems that are beyond its control.

• Article e14 of the eUCP Version 2.1 addresses the concept of force majeure and the associated liabilities of banks in situations where their business operations are interrupted due to uncontrollable events. Here is an explanation of the key points covered in this article:• - In the event of an interruption in a bank's business operations, such as the inability to access a data processing system or failures in equipment, software, or communication networks, caused by circumstances beyond the bank's control, the bank assumes no liability or responsibility for the consequences arising from such interruptions.• - The uncontrollable events that fall under the scope of force majeure include Acts of God (natural disasters), riots, civil commotions, insurrections, wars, acts of terrorism, cyberattacks, strikes, lockouts, or any other causes that are considered beyond the bank's control.• - This article essentially absolves the bank from any liability or responsibility for the outcomes of business interruptions caused by force majeure events, emphasizing that the bank cannot be held accountable for circumstances that are outside of its control.•

• By including provisions related to force majeure, Article e14 acknowledges that there are situations where banks may face disruptions in their operations due to unforeseeable and uncontrollable events. This article ensures that banks are not held responsible for the consequences of such interruptions, thereby providing a level of protection for banks in situations beyond their control [T6].