This is the full text of the UK Electronic Documents Act (UK EDA) of 2023, including all definitions, how the law applies, and when it went into effect.
Further to DCW’s Nov/Dec 2021 Feature, “When is a Guarantee ‘Issued’?”, and comments on how US Revised UCC Article 5 brought clarity to determining when an LC was issued, DCW reprints here the section of a 1993 Study on inappropriate reliance on agency principles.
Because of widespread interest in this subject, the ICC Banking Commission decided to post this Official Opinion to its website. Although the title includes reference to UCP 500 Articles 1 and 2, this Opinion is applicable to UCP 600 and is evidence of international standard banking practice.
