Hei Zuqing is a Distinguished Researcher at Zhejiang University’s International Business School and a graduate mentor at Nankai University. He previously worked with Bank of China and Société Générale. He can be reached at heizuq64@163.com
In many respects, the MLEC served as a starting point for treatment of electronic transport documents in the MLETR. This article explains the consistency of some provisions contained in the two Model Laws and areas where the MLETR differs and has advanced further.
The evolution from traditional paper Bills of Lading to electronic formats, detailed in ICC Opinion TA.929, reflects a seismic shift; as eB/Ls gain traction through digital platforms like Bolero and pioneering blockchain technology, legal recognition and harmonization lag.
Despite advancements, eUCP has limited use, especially in China. The article discusses the challenges of electronic presentation and underscores the importance of recognizing electronic records on par with paper documents in LC transactions.
The BNP v. Natixis case involved the assignment of letter of credit (LC) proceeds and nomination under an LC, raising legal considerations. The court ruled in favor of the assignee (BNP), stating that Natixis waived any right to setoff when accepting the assignment. A Chinese law view
