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Online Training in eUCP
UCP 500 are the ICC Uniform Customs and Practice that have
been used for over 60 years to govern the operation of documentary
credits.While the UCP have been extremely successful in providing
self-regulation for the letter of credit industry, the need
was apparent to update the rules to accommodate technological
advances.
With the evolution from paper to
electronic credits, it was determined that the market was
looking to the ICC to provide guidance in this transition.
In response, the ICC Banking Commission established a Working
Group consisting of experts in the UCP, electronic trade,
legal issues and related industries, such as transport, to
prepare the appropriate rules as a "supplement" to the UCP.
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The result is the Supplement to the Uniform Customs and Practice
for Documentary Credits for Electronic Presentation or "eUCP".
The eUCP is not a revision of the UCP. The UCP will continue
to provide the industry with rules for paper letters of credit
for many years. The eUCP is a supplement to the UCP that,
when used in conjunction with the UCP, will provide the necessary
rules for the presentation of the electronic equivalents of
paper documents under letters of credit.
This electronic supplement came into force on April 1, 2002.
The need for Training
The introduction of any new set of rules or guidelines creates
a need for training to ensure a common understanding of the
rules. To address this the Coastline Solutions team, in co-operation
with the ICC, has produced a comprehensive training course
in the eUCP. This training course is approximately 2 hours
long and can be taken completely on-line.
eUCP course contents
Coastline Solutions’ eUCP course will give the client a good
appreciation for the relevance of the eUCP supplement, its
relationship to UCP 500, the nature of electronic records,
issues for presentation and guidance for the examination of
the electronic records. The course also contains a question
and answer assessment and practical case study.Here are some
of the questions answered by our eUCP online course.
The scope of eUCP
Does eUCP replace UCP 500?
Under what conditions should you issue a credit subject to
eUCP?
What should you do if eUCP produces a different result to
the application of UCP 500?
Is it possible to present paper documents under an eUCP credit?
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Presentation of electronic records
What happens if a bank's system is down and unable to accept
an electronic record?
How does the beneficiary present the electronic records?
How must a beneficiary indicate that a presentation is complete?
Can the expiry date of an eUCP credit be extended?
Electronic records
How does eUCP define an electronic record?
How do you ascertain the date of issuance/shipment indicated
in an electronic record?
In what circumstances would the date of receipt of an electronic
record be deemed to be the date of shipment?
An electronic record must be capable of being authenticated
in three distinct ways, what are these ways?
Examination of electronic
records
How long does the document checker have to examine a presentation
under an eUCP credit?
What happens if there is data corruption in an electronic
record?
Is it possible for a beneficiary to re-present a corrupted
electronic record?
What happens if the issuing bank is unable to open an electronic
record in the format required by the credit?
Each client who successfully completes the online course will
receive an electronic recognition of completion of the ICC’s
eUCP training course. This will be sent as a PDF document
that can be printed locally.
Pricing
eUCP online training costs 99 Euros per person.
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