Legal Relations of Parties to Electronic Letter of Credit

Provisions of the EUCP (2002) brings the documentary credit into the electronic age. Moving toward the electronic presentation of documentary credit will change the duties and responsibilities of the banks involved in the paper credit contracts. Although agent banks may be needed for the purposes of finance, risk-related purposes and political issues, such a change may diminish the banks roles. EUCP as a method of electronic payment has its own problems. This article examines the legal relations of the parties to an electronic letter of credit; its special cases such as electronic presentation of records (time and place of the presentation), hyperlinks, and changes in the electronic data in general and electronic records in particular, notions and methods of electronic survey of the records and etc.