| Internet has shown an attractive picture since we entered the 21st century.The letter of credit has been an important mode for balance of international trade. The development of electronic international trade will surely lead to electronic letter of credit. To promote the development of electronic letter of credit, the International Chamber of Commerce constituted a working group in 2000. Aiming at the use of electronic letter of credit, they redefined and reinterpreted"UCP500", then UCP Supplement for Electronic Presentation ("E-UCP") came up. The documentary letter of credit entered into electronic business age. This paper will analyze beginning with"eUCP", on the basis of which the operational proceed of E-UCP (including electronic issuing, notifying, reviewing, paying) and its advantages and disadvantages will be clearly stated.Meanwhile, the letter of credit is a very complicated system, which always be connected with a series of security and legal issues, which will be presented in the paper. Electronic documents are core matters of electronic letter of credit, especially how to convert traditional paper-based bill of lading to electronic bill of lading, which will face a lot of legal problems. A bill of lading is a document of title to the goods, but how to achieve that function in an electric environment is the biggest legal obstacle relating to the use of electronic bill of lading. If an electronic bill of lading is not a document of title to the goods, electronic letter of credit cannot exist. So this paper will mainly analyze this problem."E-UCP"does not deal with this problem, because it is a very difficult problem. But this problem will come up sooner or later, we must face it earnestly. This paper tries to make some suggestions to the current law regime, hoping that relating rules and legislations can be more perfect. In the end, with a brighter prospect of electronic letter of credit, the paper discuss the application of electronic L/C in the international trade. |
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