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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. g
The result isthe 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 online.
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 itpossible to present paper documents under an eUCP credit?gggggg
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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