Uniform Rules for Digital Trade Transactions (URDTT): Novelty or Necessity

Uniform Rules for Digital Trade Transactions (URDTT) do not offer solutions to all issues in this area, but by striving to achieve uniformity, by providing a collective understanding of terms and definitions, as well as by promoting and supporting the usage of electronic records, they contribute to easier, faster, cheaper, and environmentally sustainable business. While their formulation and publication are an important step towards a digital future, acceptance and effective implementation are an even greater challenge. The prerequisites for this are a thorough understanding, but also solving a number of technical issues, which can be very complex. To this end, the paper, after determining the area of application, discusses the roles of participants in a digital trade transaction, as well as issues that are key to its proceeding, the payment obligation, the financial services provider (fsp) payment undertaking and the use of electronic records.