Description
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.
