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.