Watson Farley & Williams (“WFW”) advised Singapore’s Infocomm Media Development Authority (“IMDA”) on the launch of its TradeTrust Model Terms (the “Model Terms”) promoting the adoption of electronic bills of lading (“eBLs”). The initiative marks a significant step towards the broader digitalisation of trade document to enhance efficiency and boost confidence in international trade. As legal counsel to IMDA, WFW was responsible for drafting the Model Terms and related Guidance Notes.
Currently only 21% of bank respondents accept eBLs due to interoperability issues between differing systems. The Model Terms address this by providing a baseline template for dealing with marine liability cover from P&I Clubs to secure insurance for eBLs, address liability concerns and ensure legal equivalence with traditional paper documents. They also provide a robust framework to ensure compliance with legislation such as the UNCITRAL Model Law on Electronic Transferable Records (MLETR).
IMDA is a statutory board under the Singapore Ministry of Digital Development and Information. Its mission is to develop and regulate the information communications and media sectors and ready businesses, workers and the general public for a fully digital future.
The cross-border WFW Dispute Resolution team that advised IMDA was led by Singapore Partner Kimarie Cheang, supported by London Partner Andrew Hutcheon, Hong Kong Counsel Sylvia Shi, London Senior Associate Archit Dhir and London Trainee William Stewart.
Kimarie commented: “We are proud to be part of this groundbreaking project. By assisting IMDA in addressing interoperability issues and providing a clear legal framework for eBLs, we are helping to pave the way for a more efficient and secure future for international trade and shipping”.
