22 Feb Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credit – URR New Publication Number to become effective. 21 May Uniform Rules for Bank-to-Bank Reimbursements(URR ) URR is the acronym of Uniform Rules for Bank-to-Bank Reimbursements. Bank-to-Bank reimbursements may be made subject to the Uniform Rules for UCP article 13 addresses how the applicability of URR is to be.
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Though standby letters of credit have similarities with commercial letters of credit and other financial instrument, there are significant differences in scope and practice.
Uniform Rules for Bank-to-Bank Reimbursements(URR )
You must be logged in to post a comment. A reimbursing banks will not process rues request for back value value dating prior to the date of a reimbursement claim from the claiming bank. All reimbursement authorizations and reimbursement amendments must be issued in the form of an authenticated teletransmission or a signed letter.
Drafts and Calculations of Maturity Date. The eUCP is a supplement to the UCP that, when used in reimbursemdnt with the UCP, will provide the necessary rules for the presentation of the electronic equivalents of paper documents under letters of credit. UCP comes into effect on July 1, URR Article 2. An irrevocable reimbursement authorization cannot be amended or cancelled without the agreement of the reimbursing bank. A reimbursing bank assumes no liability or responsibility for any consequences that may arise out of any non-acceptance or delay rulew processing should the claiming bank fail to follow the provisions of this article.
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If a reimbursing bank chooses not to issue its reimbursement undertaking amendment, it must so inform the issuing bank without delay. A reimbursement amendment must state only the relative changes to the above and the credit number.
The issuing bank is responsible for providing the information required in these rules in both the reimbursement authorization and the credit, and is responsible for any consequences resulting from non-compliance with this provision.
URC came into effect on 01 January ICC Uniform Rules for Forfaiting details how forfaiting facilitates the provision of finance to the international trade community.
Uniform Rules for Bank-to-Bank Reimbursements(URR 725)
A reimbursing bank will assume no responsibility for the expiry date of a credit and, if such date is provided in the reimbursement authorization, it will be disregarded. An issuing bank should not require a sight draft to be drawn on the reimbursing bank.
A reimbursement undertaking must indicate the terms and conditions of the undertaking and: The Rules have been prepared to resolve problems that practitioners have experienced in their everyday operations since When honouring a reimbursement claim, a reimbursing bank is obligated to follow the instructions regarding any charges contained in the reimbursement authorization.
In addition to the requirements of sub Articles 6 ab and c of these rules, a reimbursement authorization authorizing or requesting the issuance of a reimbursement undertaking must comply with the provisions of this article.
When an issuing bank has amended its irrevocable reimbursement authorization, a reimbursing bank that has issued its reimbursement undertaking may amend its undertaking to reflect such amendment. If the latest date for presentation of a claim falls on a day on which the reimbursing bank is closed for reasons other than those referred to in Article 15, the latest date for presentation of a claim shall be extended to the first following banking day.
A reimbursing bank must communicate its acceptance or rejection of an irrevocable reimbursement authorization amendment to the issuing bank.
If a reimbursement claim is made by teletransmission, no mail confirmation is to be sent. When a time draft is to be drawn on the reimbursing bank, the claiming bank must forward the draft with the reimbursement claim to the reimbursing bank for processing, and include the following in its claim: A reimbursement amendment must state the relative changes to the above.
URR Article 3. A reimbursement undertaking cannot be amended or cancelled without the agreement of the claiming bank. A reimbursing bank is irrevocably bound as of the time it issues the reimbursement undertaking amendment.
ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits
A reimbursing bank is not required to accept or reject an irrevocable reimbursement authorization amendment until reimbursemennt has received acceptance or rejection from the claiming bank to its reimbursement undertaking amendment. Drafting and Negotiating International Commercial Contracts. Be the first to review this product. The issuing bank shall be bound by and liable to indemnify the reimbursing bank against all obligations and responsibilities imposed by foreign laws and usages.