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

Price: $8.00
Item No.: 525
ISBN: 978-92-842-1185-2
URR 525, In Force as of July 1, 1996
Pub No. 525
Paperback (Booklet)
4 inches x 8 1/4 inches
1995 Edition
31 pages
 
 

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.
 
Table of Contents
 
A. General Provisions and Definitions
Article
Application of URR
1
Definitions
2
Reimbursement Authorizations Versus Credits
3
 
B. Liabilities and Responsibilities
 
Honor of a Reimbursement Claim
4
Responsibilities of the Issuing Bank
5
 
C. Form and Notification of Authorizations, Amendments and Claims
 
Issuance and Receipt of a Reimbursement
 
Authorization or Reimbursement Amendment
6
Expiry of a Reimbursement Authorization
7
Amendment or Cancellation of Reimbursement Authorizations
8
Reimbursement Undertaking
9
Standards for Reimbursement Claims
10
Processing Reimbursement Claims
11
Duplications of Reimbursement Authorizations
12
 
D. Miscellaneous Provisions
 
Foreign Laws and Usages
13
Disclaimer on the Transmission of Messages
14
Force Majeure
15
Charges
16
Interest Claims/Loss of Value
17

 

 

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