Some Implications of eUCP Based on the Hermeneutical Approach

eUCP의 본질적 함의와 조항해석적용의 괴리조정:법해석학적 접근

With the current evolution from paper to electronic records the documentary credit market has been looking to ICC to provide guidance in this transition. To allow bankers and traders to familiarize themselves with this trend, eUCP has come into force from April 1st 2002. The eUCP provides definitions to allow current UCP terminology to accommodate the presentation of the equivalent of paper documents electronically and to provide necessary rules to allow the UCP and eUCP to work together. It is important to understand that many of the Articles of the UCP are not impacted by the presentation of electronic equivalent of paper documents and do not require any changes to accommodate electronic presentation. When read together the UCP and the eUCP will be broad enough to allow for developing practice in this area. The eUCP is not a revision of the UCP. The UCP will continue to provide the industry with rules for paper letters of credit in conjunction with the eUCP. This study comments that some characteristics of the eUCP have unique properties, such as juncture, envelope, homotheticity functions, and some applicable interpretations including abstraction of letter of credit, notice of completeness, notice of discrepancies and corruption of electronic records.