USERS GUIDE to the eUCP

The new ICC eRules (eUCP Version 2.0 & eURC Version 1.0) came into force on 1 July 2019, and two publications were made available by the ICC Banking Commission:

• An article-by-article analysis of eUCP version 2.0 and eURC version 1.0 to guide practitioners on the new rules. This guidance provides an in-depth explanation for each rule, as well as an outline of the preparation and drafting process.
• Further guidance in respect of handling of the eRules, based on the underlying principles in the UCP and URC and standard practice currently existing for eCommerce transactions.

An additional guidance paper was released on 7 April 2020 which provided technical guidance to the market on issues of force majeure, elements to consider in modifying ICC rules for specific trade finance instruments, and common scenarios experiences in the delivery of documents during the public health measures undertaken in response to COVID-19.

Within the above paper, it was confirmed that ICC would continue to promote the broader use of the eUCP Version 2.0. It further clarified that for existing credits subject to UCP 600, if all parties intend to change from paper documents to electronic records, they may do so by agreeing an amendment of the credit from UCP 600 to eUCP Version 2.0. Scanned documents will fall within the definition of an ‘electronic record’ in eUCP Version 2.0 but would need to meet the requirements for authentication as mentioned in eUCP sub-article e6.

On 23 April 2020, ICC issued a collection of rapid response measures by trade finance banks to keep trade finance and trade flowing in the face of COVID-19.

This paper highlighted that, among other common adjustments to workflows during the pandemic, adoption of eUCP Version 2.0 and eURC Version 1.0 as operating models had been growing. Organisations have been configuring internal processes for greater use of these rules. The fact that both sets of rules covered digital formats was seen to be of great advantage.