The Uniform Rules, ICC Publication No. , should apply to any bank-to-bank repayment when the content of the repayment approval explicitly demonstrates. Also known as URR , the update was necessary to bring the URR rules into conformity with the UCP , ICC’s universally used rules on. The revision was necessary to bring these long-standing rules into conformity with UCP , ICC’s universally used rules on letters of credit. URR contains a.
|Published (Last):||3 September 2008|
|PDF File Size:||5.29 Mb|
|ePub File Size:||1.25 Mb|
|Price:||Free* [*Free Regsitration Required]|
When honouring a reimbursement claim, a reimbursing bank is obligated to follow the instructions regarding any charges contained in the reimbursement authorization.
A claiming bank must communicate its acceptance or rejection of a reimbursement undertaking amendment to the reimbursing bank. The reimbursing bank must also include its charges, if any, that will be deducted from the amount claimed. A reimbursing bank will not process a request for back value value dating prior to the date of a reimbursement 752 from the claiming bank.
ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits
Except to the extent expressly agreed to by the reimbursing bank, the reimbursement authorization should not be subject to an expiry date or latest date for presentation of a claim, except as indicated in article 9.
A reimbursement amendment must state only the relative changes to the above and the credit number. A reimbursement undertaking must indicate the terms and conditions of the undertaking and: If a pre-debit notification is required by the issuing bank, this pre-debit notification period shall be in addition to kcc processing period mentioned above.
The teletransmission will be deemed the operative reimbursement authorization or reimbursement amendment, and any subsequent mail confirmation shall be disregarded. Except where the issuing bank has authorized or requested the reimbursing bank to issue a reimbursement undertaking as provided in article 9, and the reimbursing bank has issued a reimbursement undertaking:.
The terms of the original reimbursement undertaking or a reimbursement undertaking incorporating previously accepted reimbursement amendments will remain in force for the claiming ixc until it communicates its acceptance of the reimbursement undertaking amendment to the reimbursing bank.
Doly & Co – URR
A reimbursing bank has the right to request that a reimbursement claim be authenticated and, in such case, the reimbursing bank shall not be liable for any consequences resulting from any delay incurred. Year Language English. Showing all editions for ‘URR Unless otherwise expressly agreed to by the reimbursing bank and urrr claiming bank, a reimbursing iccc will effect reimbursement under a reimbursement claim only to the claiming bank.
The issuing bank is responsible for indicating in the documentary credit ” credit ” that reimbursement is subject to these rules. Advanced Search Find a Library. Don’t have an account? 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 must not send to a reimbursing bank: Reimbursement undertaking amendment means an advice from the reimbursing bank to the claiming bank named in the reimbursement authorization stating changes to a reimbursement undertaking.
Displaying Editions 1 – 2 out of 2.
If the reimbursing bank determines not to reimburse, either because of a non-conforming claim under a reimbursement undertaking or for any reason whatsoever under a reimbursement authorization, it shall give notice to that effect by telecommunication or, if that is not possible, by other expeditious means, urg later than the close of the third banking day following the day of receipt of the claim plus any additional period mentioned in sub-article 1.
Select All Clear All Save to: When a krr bank has not issued a reimbursement undertaking and a reimbursement is due on a future date:. The issuing bank must cancel its reimbursement authorization for any unutilized ufr of the credit to which it refers, informing the reimbursing bank without delay. This document is not intented as legal advice but is being provided for reference purpose only.
ICC updates bank-to-bank reimbursement rules – ICC – International Chamber of Commerce
Cancel Forgot your password? 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, where appropriate, the following in its claim:.
If a reimbursing bank chooses not to issue its cic undertaking amendment, it must so inform the issuing bank without delay. Reimbursement authorization means an instruction or authorization, independent of the credit, issued by an issuing bank to a reimbursing bank to reimburse a claiming bank or, if so requested by the issuing bank, to accept and pay a time draft drawn on the reimbursing bank.
URR 725 ICC UNIFORM RULES FOR BANK-TO-BANK REIMBURSEMENTS
A reimbursement undertaking cannot be amended or cancelled without the agreement of the claiming bank. These rules are not intended to override or change the provisions of the Uniform Customs and Practice for Documentary Credits. In a bank-to-bank reimbursement subject to these rules, the reimbursing bank acts on the instructions and under the authority of the issuing bank.
A reimbursement authorization is separate from the credit to which it refers, and a reimbursing bank is not concerned with or bound by the terms and conditions of the credit, even if any reference whatsoever to it is included in the reimbursement authorization.
Please create a new list with a new name; move some items to a new or existing list; or delete some items.
Claiming bank means a bank that honours or negotiates a credit and presents a reimbursement claim to the reimbursing bank. In case of cancellation of the reimbursement authorization prior to expiry of the credit, the iicc bank must provide the nominated bank or the cic bank with new reimbursement instructions.
If the latest date for presentation of a claim falls on a day when the reimbursing bank is closed for reasons other than those referred to in article 15, the latest date for presentation of a claim will be extended to the first following banking day.
A reimbursement undertaking must indicate the terms and conditions of the undertaking and:. If a reimbursement claim is presented more than ten banking days prior to the predetermined date, the reimbursing bank may disregard the reimbursement claim.