United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR)
The UNCITRAL Model Law on Electronic Transferable Records (MLETR) aims to enable legal recognition and use of electronic transferable records both domestically and internationally. It establishes functional equivalence between electronic records and traditional paper-based transferable documents like bills of lading, bills of exchange, promissory notes, and warehouse receipts. The Model Law provides a comprehensive framework for digitalizing transferable documents while ensuring their core commercial functions are preserved. It facilitates paperless trade by enabling secure electronic transmission, automated processing through smart contracts, and efficient data reuse, while maintaining the legal reliability of transferable documents in electronic form.
Key paperless trade provisions include:
- Legal recognition of electronic transferable records
- Standards for functional equivalence with paper documents
- Transfer of rights mechanisms in digital environment
- Electronic record control and possession rules
- Digital transmission security requirements
- Data reuse protocols and standards
- Electronic record authentication methods
- Smart contract implementation frameworks
- Cross-border recognition principles
- Electronic record management systems