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ICC Uniform Rules for Bank-to-Bank Reimbursemets, URR 525 Leaflet

Price: $2.50
Item No.: 525LF

In Force as of July 1, 1996
Pub No. 525LF
Leaflet Version
8 1/2 inches x 11 inches
1995 Edition
4 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.

 

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