ICC Takes Steps towards Digitizing ICC Rules
The ICC has alerted National Committee members that it is launching a “Digitalisation Working Group” in an effort to keep up with the growing paperless trend in trade finance. Coming on the heels of a formal announcement this past June illuminating ICC’s decision not to take up a revision of UCP600, ICC representatives have turned attention toward evaluating the “e-compatibility” of ICC rules.
Bringing eUCP and URC up to Speed
Toward that aim, the Working Group has begun to move forward on an updated version of the eUCP, as well as a new version of the Uniform Rules for Collections (URC), specifically meant to cover electronic presentation for collections. The eUCP, a supplement to UCP600, went into effect in 2002 when UCP500 was still in use. Updated marginally in 2007 in light of UCP600 entering into force, the eUCP hasn’t seen a substantial update in over a decade. Presumably eUCP 2.0 will address a number of issues that have arisen as a result of massive growth in financial technology. The URC has been around in some form since 1979. The creation of an eURC would allow for electronic collections.
Refresh your Knowledge
For those who need a refresher course on the eUCP, look no further than the Institute's own eUCP Guide. Written by drafters of the eUCP Dan Taylor, and IIBLP Director James E. Byrne, the eUCP Guide provides a user's guide to the rules, providing insight and context with laws and other ICC Rules.
Need the eUCP and the URC together in one handy book? LC Rules & Laws is your best bet. For years this handy little blue book has been the go-to reference for international LC and Guarantee practitioners and lawyers. Including all major practice rules (UCP600; ISBP (2013 & 2007); ISP98; URDG 758; URBPO URC 522; URR 725; US Rev. UCC Article 5, and more) as well as numerous global laws dealing with trade finance, leave the piles of rules packets behind once and for all.