CP's FYI:
Date: Wed, 08 Dec 1993 08:06:11 -0500 (EST) From: BAUM@HULAW1.HARVARD.EDU To: imp-interest@thumper.bellcore.com Subject: Legal Aspects of IMP
I have only recently seen a few of the IMP messages that have been forwarded to me. I have also responded to at least one person individually concerning the legal aspects of payment for the IMP. In this regard, I mentioned that about two years ago we began the development of a
Model Electronic Payments Agreement and Commentary (for credit transfers) that is intended for electronic commerce purposes. Since the completion of the document, we understand that it has been adopted by various companies, including Airborne Express, Texaco, Baxter International, etc. It has also been reprinted by the Banker's EDI Council in its Guidebook. I recommend that developers of the IMP take a look at some of the conventions (and assumptions) that are included in the Agreement. The Model includes extensive commentary and a tuturial/introduction.
By the way, one of the challenges to the internet community will be to narrow the gap between localized/specialized payment approaches, and the "mainstream" corporate and governmental payment infrastructure that already is in place. Also, FYI, the American Bar Ass'n has a Financial EDI Committee that is now developing a debit counterpart for the above-mentioned credit Model.
Copies of the Model are available at cost as follows:
Send a request to the ABA requesting:
Model Electronic Payments Agreement and Commentary Product Code: 545-0009 Cost: $ 11.95 (this includes domestic delivery)
to:
Order Fulfillment Department American Bar Association 750 North Lake Shore Drive Chicago, IL 60611-4497
Check, mastercard or Visa are accepted. Include your phone number.
For information about the Financial EDI Committee, you can contact: Smedinghofft@attmail.com (Tom Smedinghoff).
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