ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits, URR 525

ICC Uniform Rules for Bank-to-Bank Reimbursements Under Documentary Credits (URR 525) was developed as set of Rules to document worldwide practice and standardize the processing of bank-to-bank reimbursements. Used in conjunction with UCP 500, Article 19, URR 525 sets forth a series of concepts to facilitate the reimbursement process.

• URR 525 makes it clear that reimbursements are not irrevocable commitments.
• Clarifies the issues surrounding expiry of reimbursements.
• Establishes a reasonable time, not to exceed three banking days, for reimbursing bank to process claims.
• States clearly the conditions under which reimbursement claims do and do not have to be authenticated
• Specifies the items that a claiming bank must include in its claim if required by the credit and/or the reimbursement undertaking.