Electronic (paperless) trading systems: Corda eBL replaces E-Title
Notification of change of ownership of E-TITLE
The International Group had already approved E-TITLE. This circular informs Members of the following:
(1) a change in ownership of the E-TITLE e-commerce system and its underlying legal framework to software technology company R3;
(2) a trade name change of the electronic trading system from e-TITLE to Corda eBL; and
(3) Members are invited to take note of the operation of the Corda eBL software.
Corda eBL is a software development kit (SDK), which provides a mechanism to facilitate the transfer of ownership and the negotiable functionality of a bill of lading. It was created to complement some of the existing web portal services operated by shipping lines, financial service providers, logistics operators and traders.
The Corda eBL SDK is subject to a legal framework, supporting peer-to-peer transfer of eBL, without the need to go back to paper. The electronic transfer process mimics a paper bill of lading workflow. Further details are available at https://www.r3.com/corda-ebl/.
R3 is a software technology company representing a large consortium of international banks and trading houses.
Corda eBL User Agreement version 1.2 – Approved
The legal documentation associated with the use and operation of the Corda eBL solution is the “Corda eBL User Agreement (version 1.2)”. This document has been reviewed and approved by The International Group. The Corda eBL solution (formerly known as the E-TITLE electronic trading system) will replace E-Title as an approved, i.e. paperless electronic trading system. The Corda eBL User Agreement (version 1.2) replaces the E-Title User Agreement.
From September 24, 2021, E-title will cease to be an approved entity
From September 24, 2021, E-title will cease to be an approved entity. As part of their due diligence, members are advised, when entering into a contract with an application service provider (“ASP”) approved by R3, to ensure that the ASP has implemented coverage of liability for non-P&I risks.
Other exclusions of coverage under group club rules continue to apply
Members are reminded that the other warranty exclusions of the Group Club Rules relating to freight transport will of course continue to apply for all IG approved service providers in the same way as for paper systems. These exclusions include unloading at a port or place other than the port or place provided for in the contract of carriage, issuance / creation of an ante or post-dated electronic document / record, and delivery of the cargo without the production of the electronic document / record, which – in the case of an approved electronic trading system – will signify delivery of the cargo other than in accordance with the rules of that trading system.
All the clubs in the International Group have published a similar circular.