Lexis®Library update: The Commission is seeking comments on the proposals and draft Bill. The consultation is open until 30 July 2021.
The Commission proposes that electronic trade documents should be possessable provided that:
- the document is a trade document of the kind listed in the draft legislation
- the electronic document is capable of exclusive control
- the electronic document must be fully divested on transfer
Other proposals have also been made to allow for electronic trade documents to be used in the same way and with the same legal effect, as its paper counterparts.
The consultation paper can be found here.
The call for evidence can be found here.
Responses to the consultation can be made here.
Responses can also be submitted via email to: electronictrade@lawcommission.gov.uk.
Sources:
• Technology Will Help The UK Boost SMEs’ Overseas Trade Thanks To Digital Negotiable Instruments
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 4 May 2021 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.
