Uniform Rules for Digital Trade Transactions (URDTT)

The Uniform Rules for Digital Trade Transactions (URDTT) Version 1.0 are the result of the mandate given by the ICC Banking Commission to develop a high-level structure outlining rules, obligations, and standards for the digitalisation of trade transactions.

The drafting process resulted in more than six full drafts, with over 1,500 comments received from ICC National Committees.

The ICC Uniform Rules for Digital Trade Transactions (URDTT) are intended:

1. for a fully digital environment;
2. to be neutral with regard to technology and messaging standards; and,
3. to extend into the corporate space, including commercial transactions and the growing community of non-bank providers of financial services.

The URDTT are designed to be compatible with UNCITRAL Model Laws, including those on Electronic Commerce, Electronic Signatures and Electronic Transferable Records.

The rules will serve as an overarching framework for Digital Trade Transactions thereby providing global standardisation, consistency and conformity, providing a collective understanding of terms and definitions, whilst promoting and supporting the usage of electronic records/documents/data.

Details:

Table of contents:

INTRODUCTION
PRELIMINARY CONSIDERATIONS
ARTICLE 1: Scope of the Uniform Rules for Digital Trade Transactions (URDTT) Version 1.0
ARTICLE 2: Definitions
ARTICLE 3: Interpretations
ARTICLE 4: Principal Party
ARTICLE 5: Financial Services Provider
ARTICLE 6: Submitter and Addressee
ARTICLE 7: Electronic Records
ARTICLE 8: Non-Compliance of an Electronic Record
ARTICLE 9: Data Corruption
ARTICLE 10: Electronic Signature
ARTICLE 11: Data Processing System
ARTICLE 12: Payment Obligation
ARTICLE 13: FSP Payment Undertaking
ARTICLE 14: Amendments
ARTICLE 15: Transfer
ARTICLE 16: Force Majeure
ARTICLE 17: Applicable Law
ICC TRADE FINANCE PUBLICATIONS
ICC DIGITAL LIBRARY
ABOUT THE INTERNATIONAL CHAMBER OF COMMERCE

Note: There is also a guide to the URDTT, you can find the publication here.