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):||23 December 2014|
|PDF File Size:||13.13 Mb|
|ePub File Size:||4.77 Mb|
|Price:||Free* [*Free Regsitration Required]|
WorldCat is the world’s largest library catalog, helping you find library materials online.
ICC updates bank-to-bank reimbursement rules
Issuing bank means the bank that has issued a credit and the reimbursement authorization under that credit. Your list has reached the maximum number of items. A reimbursing bank’s charges are for the account 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.
An irrevocable reimbursement authorization cannot be amended or cancelled without the agreement 275 the reimbursing bank. An issuing bank should not require a sight draft to be drawn on the reimbursing bank.
An authorization or request by the issuing bank to the reimbursing bank to issue a reimbursement undertaking is irrevocable ” irrevocable reimbursement authorization ” and must in addition to the requirement of article 1 for incorporation of reference to these rules contain the following: A reimbursement undertaking must indicate the terms and conditions of the undertaking and:.
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. The terms of the original irrevocable reimbursement authorization or an authorization incorporating previously accepted irrevocable reimbursement authorization amendments will remain in force for the reimbursing bank until it communicates its acceptance of the amendment to the issuing bank.
A reimbursement authorization must in addition to the requirement of article 1 for incorporation of reference to these rules state the following: 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.
Home About Help Search. In the event such a mail confirmation is sent, the claiming bank will be responsible for any consequences that may arise from a duplicate reimbursement; 2. Unless otherwise expressly agreed to by the reimbursing bank and the claiming bank, a reimbursing bank will effect reimbursement under a reimbursement claim only to the claiming bank.
ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits | ICC Store
Advanced Search Find a Library. The name URRthe articles displayed on this page and everything related to it are the property of the International Ur of Commerce. 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.
The teletransmission will be deemed the operative reimbursement authorization or reimbursement amendment, and any subsequent mail confirmation shall be disregarded.
If the reimbursing bank is authorized or requested by the issuing bank to issue its reimbursement undertaking to the claiming bank but is ur prepared to do so, it must so inform the issuing bank without delay.
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 ugr a claim will be extended to the first following banking day.
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, no 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.
Showing all editions for ‘URR 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:. The issuing bank must cancel its reimbursement authorization for any unutilized portion of the credit to which it refers, informing the reimbursing bank without delay.
A reimbursing bank will assume no responsibility for the expiry date icf a credit and, if such date is provided in the reimbursement authorization, it will be disregarded.
ICC uniform rules for bank-to-bank reimbursements under documentary credits: If the reimbursing bank is not prepared to act for any reason whatsoever under the reimbursement authorization or reimbursement amendment, it must so inform the issuing bank without delay. A reimbursing bank is not required to accept or reject an irrevocable reimbursement authorization amendment until it has received acceptance or rejection from the claiming bank of its reimbursement undertaking amendment.
A reimbursing bank assumes no liability or responsibility for errors in translation or interpretation of technical terms. If the reimbursing bank disregards the reimbursement claim, it must so inform the claiming bank by teletransmission or other expeditious means without delay. An issuing bank that has issued its irrevocable reimbursement authorization amendment shall be irrevocably bound as of the time of its advice of the irrevocable reimbursement authorization amendment.
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: A reimbursement amendment must state the relative changes to the above.
A reimbursing bank is irrevocably bound as of the time it issues the reimbursement undertaking amendment. 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.
Create lists, bibliographies and reviews: Except as provided by the terms of its reimbursement undertaking, a reimbursing bank is not obligated to honour a reimbursement claim.
Doly & Co – URR
Remember me on this computer. The issuing bank is responsible for indicating in the documentary credit ” credit ” that reimbursement is subject to these rules. When a reimbursing bank has not issued a reimbursement undertaking and a reimbursement is due on a future date: ICC uniform rules for bank-to-bank reimbursements under documentary credits by International Chamber of Commerce.
If a reimbursement authorization states that the reimbursing bank’s charges are for the account of the beneficiary, they shall be deducted from the amount due to a claiming bank when reimbursement is made. A reimbursement claim received outside banking hours will be deemed to be received on the next following banking day.