Critically evaluate UNCITRAL Model Law Electronic Transferable record

Transport and trade are essential for the national and international economies. The Global Trade comprises a carrier, Government agencies, insurers, banks, and customs authorities. Trade documents can be easily transmitted electronically, i.e., book notes, booking slips, invoices, and sea waybills. The most important document among all these is the Bill of lading. UNCITRAL Model Law on Electronic Transferable Records (MLETR) 2017 proposes the legal framework for use of electronic transferable records (ETRs). The focus of MLETR 2017 is transferability and not negotiability. UNCITRAL model law is a flexible and neutral enactment of provisions, which gives legal effect to electronic transactions. Hence, the electronic signatures are confirmed, and the contract has legal enforcement. The Model Law on Electronic Commerce aims to use modern and advanced communication and storage of information. It relied on the equivalency of electronic media in writing, signature, & original. Further, it aims to enhance legal certainty & predictability as it is used across borders.