The Bolero Rulebook
Underpinning all Bolero solutions is the unique, patented Bolero legal rulebook that works hand in hand with the technology to create a safe, secure and trusted environment for trade transactions. At its simplest level, it can be considered as a legal framework allowing users to replicate the legal results currently achieved in a paper environment.
More specifically, the Rulebook is a multi-lateral contract that binds each user to every other user in relation to their use of the Bolero service. The purpose of this contract, which is at the core of the Bolero Exchange structure, is to ensure that every user agrees to be governed by a common set of rules enshrining the key elements of the Bolero service. For example, the users agree, as between each other, that electronic communications will be treated as valid, that no user will deny that it sent a message bearing its digital signature and those messages so signed will bind the user (the company).
The major benefit of the Rulebook is that it removes the requirement for a corporate to negotiate bi-lateral legal agreements with every individual party (e.g. each advising bank) involved in their trade process.
In addition, the Rulebook provides the legal rules that underpin the system for the ability to transact electronic Bills of Lading (Bolero Bills of Lading) through an application that mirrors the rights and obligations of those Users in relation to the international carriage of goods (importers and exporters, banks, carriers, forwarders and other intermediaries).