‘Law Commission’s Proposals for Electronic Trade Documents’

“The Law Commission has published a consultation paper which makes provisional proposals for legislative reform to ensure that certain trade documents in electronic form have the same legal effect as their paper counterparts. International trade involves the use of special documentation, including bills of lading, bills of exchange, promissory notes, marine insurance policies, cargo insurance certificates, warehouse receipts and ship’s delivery orders. These documents, which are also used in trade finance transactions (such as documentary credit arrangements and forfaiting), are still generally issued and used in paper format. The industry generates billions of paper documents each year …” (more)

[Siobhan McKeering, Oxford Business Law Blog, 8 June]

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