The Uniform Customs & Practice for Documentary Credits (UCP 600) is basically considered as a set of rules that has been made and agreed by the International Chamber of Commerce (ICC), which apply to all finance institutions which issue Letters of Credit. eUCP is used by letter of credit practitioners all over the world, UCP have been declared the most successful private rules for trade ever developed. Bankers, traders, lawyers, transporters, academics and all those people who deal with letter of credit transactions worldwide will have to refer UCP 600 on a daily basis.
In order to develop the digitalisation of trade finance practices, ICC has recently issued new electronic rules that are also known as (eRules); they came into action on the 1st of July. The eRules will be continuously checked and will be updated to reflect future technological developments and trends that emerge in trade finance. ICC will ensure that the eRules remain applicable to all the banks that are related to trade market and other trade finance institutions. To give some Acknowledgement to the significance of these rules for the work of trade finance professionals, ICC had made the full text of eURC and eUCP which is also available online. ICC has also published a deep guidance of the changes in the eUCP v1.1 to v2.0 and the newly drafted eURC v 1.0.
Also the content that has been mentioned in the eRules will be constantly monitored to make sure that they work in the context of electronic documentation and trade. The eUCP will be constantly reviewed by trade practitioners so that they can give feedback updates and monitor eUCP in practise.