Uniform Rules for Collections – Supplement for Electronic Presentation

The eURC Version 1.1 came into force on 1 July 2019. Existing ICC rules, such as URC 522, while being invaluable in a paper world, provide limited protection when applied to electronic transactions. It is inevitable that traditional trade instruments will, over time, inexorably move towards a mixed ecosystem of paper and digital, and, ultimately, to electronic records alone.

The content of the eURC will be continually monitored in order to ensure applicability. The support of trade practitioners will be an essential element moving forward. These rules provide many benefits in advancing documentary collections in a digital environment and ensuring the continued relevance of these valuable instruments in mitigating trade risk.

The eURC supplements the Uniform Rules for Collections (1995 Revision, ICC Publication No. 522) (“URC”) in order to accommodate presentation of electronic records alone or in combination with paper documents.

Details:

Table of contents:

• Article e1 – Application of the eURC
• Article e2 – Scope of the eURC
• Article e3 – Relationship of the eURC to the URC
• Article e4 – Definitions
• Article e5 – Electronic Records and Paper Documents v. Goods, Services or Performance
• Article e6 – Format
• Article e7 – Presentation
• Article e8 – Advice of Non-Payment or Non-Acceptance
• Article e9 – Determination of a Due Date
• Article e10 – Release of Electronic Records
• Article e11 – Data Corruption of an Electronic Record
• Article e12 – Additional Disclaimer of Liability for Presentation of Electronic Records under eURC
• Article e13 – Force Majeure