In-depth Understanding and Accurate Interpretation of eUCP Articles

(T. O. International Trade Seminars)

Introduction
The eUCP will become effective as from midnight GMT on 31 March 2002 to govern electronic letter of credit presentations. Bankers and traders who are engaged in electronic commerce must understand the implications of the new eUCP Articles to protect their interest and to avoid risk and disputes. When the UCP 500 was introduced in 1994, disputes arose amongst bankers and traders due to inaccurate interpretations of the Articles by the parties. We are glad to invite Mr. T. O. Lee, a world class letter of credit expert, to share with you his insightful observations and accurate interpretations of the eUCP Articles gained during his involvement in the drafting of the eUCP and other B2B electronic commerce ICC Rules such as the GUIDEC and URGETS by providing expert's opinions as a representative of Canada. Some of his suggestions are now incorporated in the eUCP. He will also highlight the caution areas and the risk exposed to different parties through case studies and model answers.
Issues to be Addressed

An LC requires all presentations by electronic means. Can it be subject to eUCP alone (i.e. not also subject to UCP 500)?
In an LC subject to eUCP, can presentation be made all by paper documents?
Is the "reasonable time" for sending refusal notice in eUCP credits shorter than that in UCP 500 credits?
After sending refusal notice, why the issuing bank needs not return the electronic documents to the presenter unless specifically instructed?
Can a "notice of completeness" of presentation be presented after the LC has expired?
What is the meaning of "banking hours" for a bank with a computer that can receive electronic presentations 24/7 (i.e. for 24 hours, 7 days a week)?
What is the meaning of "place of presentation" in electronic presentations?
If an eUCP credit requires one original and two copies of certificate of origin, and one electronic certificate of origin is presented. Would this be compliant?

Target Group
Officers and Managers in Inward/Outward Bills Departments in banks
Supervisors and Managers in Export/Import Departments of trading firms
Lawyers providing international trade finance services
Trainers on letter of credit and B2B electronic commerce
Contents Outline

The background, purpose, and problems encountered during the drafting stage of the eUCP Version 1.0
The nature and scope of application of the eUCP
The relationship of the eUCP to the UCP 500
Generic terms used in the UCP 500 and their new definitions in the eUCP
Electronic presentations
Examination of electronic records and refusal notices
Issuing date and shipment date in an electronic record
Consequences of corruption of an electronic record after receipt
Additional disclaimers in the eUCP
Future development of the eUCP
Case studies and model answers
Appendix: Opinions of T. O. Lee on eUCP V1.0 and related articles

Methodology
Mr. Lee's workshops are well known for 4 "i's" - interesting, insightful, inspiring and interactive. Cases studies based on Mr. Lee's private dispute cases will be used extensively to illustrate the key learning points followed by model answers to be distributed after the group discussions.
Duration
One-day workshop
Number of Participants
Ideally 20 participants for best results
Language
Handouts and model answers in English
Spoken language is English
Recommendations

"A brief discussion with Mr. T. O. Lee will convince you of his expertise on international trade particularly for his knowledge and experience in maritime chartering, multimodal transport, marine cargo insurance, trade frauds, the China Trade, mediation and arbitration".
Charles del Busto - Chairman of ICC Banking Commission and Chairman of UCP 500 Working Party
"Mr. Lee's presentation is thought provoking and original in its content. It brings to light not only problems with documentary credits but also solutions that you could obtain only from practical experience working in the field. I highly recommend it to both bankers and traders who are serious about letters of credit".
Jacob Katsman - Managing Editor, LC Monitor, Toronto, Canada
"Most comprehensive information in the handouts, inspiring presentation, professional in every respect, introducing the latest international trade fraud cases with in-depth analysis".
S. C. Kwok - Vice President, Citibank, Hong Kong
"Handouts are clear, concise and focused, with lots of real life cases to reflect the current trading environment and the important changes in the market place".
Kenneth Y. M. Lee - Senior Consultant, Bank of Communications, New York, USA

Speaker - T. O. Lee FAE, MCIArb, MITD

(905) 237-6465

(905) 237-6867