EUCP
The eUCP was developed as a supplement to UCP due to the sense at the time that banks and corporates together with the transport and insurance industries were ready to utilise electronic commerce. The hope and expectation that surrounded the development of eUCP has failed the UCP600 and it will remain as a supplement albeit slightly amended to identify its relationship with UCP600.
An updated version of the eUCP came into effect on 1 July 2007 to coincide the commencement of the UCP600. There are no substantive changes to the eUCP, merely references to the UCP600.
Read more about this topic: Uniform Customs And Practice For Documentary Credits