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.
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This document is not intented as legal advice but is being provided for reference purpose only. 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: Except as provided by the terms of its reimbursement undertaking, a reimbursing bank is not obligated to honour a reimbursement claim.
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 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. Issuing bank means the bank that has issued a credit and the reimbursement authorization under that credit.
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.
A reimbursing bank is irrevocably bound as of the time it issues the reimbursement undertaking amendment. 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. If a reimbursement claim is presented more than ten banking days prior to the predetermined date, the reimbursing bank may disregard the reimbursement claim.
For the purpose of these rules, the following terms shall have the meaning specified in this article and may be used in the singular or plural as appropriate: Reimbursement amendment means an advice from the issuing bank to a reimbursing bank stating changes to a reimbursement authorization.
Claiming bank means a bank that honours or negotiates a credit and presents a reimbursement claim to the reimbursing bank. Displaying Editions 1 – 2 out of 2.
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.
A reimbursing bank assumes no liability or responsibility for the consequences arising out of delay, loss in transit, mutilation or other errors arising in the transmission of any messages, delivery of letters or documents, when such messages, letters or documents are transmitted or sent according to the requirements stated in the credit, reimbursement authorization or reimbursement claim, or when the bank may have taken the initiative in the choice of the delivery service in the absence of such instructions in the credit, reimbursement authorization or reimbursement claim.
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.
URR 725 ICC UNIFORM RULES FOR BANK-TO-BANK REIMBURSEMENTS
ICC uniform rules for bank-to-bank reimbursements under documentary credits’ Sort by: If the issuing bank fails to provide the reimbursing bank with instructions regarding charges, all charges shall be for the account of the issuing bank. A reimbursing bank will not process a request for back value value dating prior to the date of a reimbursement claim from the claiming bank.
A reimbursing bank is irrevocably bound to honour a reimbursement claim as of the time it issues the reimbursement undertaking.
Search WorldCat Find items in libraries near you. A reimbursing bank shall have a maximum of three banking days following the day of receipt of the reimbursement claim to process the claim. An issuing bank shall not require a certificate of compliance with the terms and conditions of the credit in the reimbursement authorization. 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.
Reimbursing bank means the bank instructed or authorized to provide reimbursement pursuant to a reimbursement authorization issued by the issuing bank.
A reimbursing bank assumes no liability or responsibility for errors in translation or interpretation of technical terms. 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: Create lists, bibliographies and reviews: The teletransmission will be deemed the operative reimbursement authorization or reimbursement amendment, and any subsequent mail confirmation shall be disregarded.
An irrevocable reimbursement authorization cannot be amended or cancelled without the agreement of the reimbursing bank. Format All Formats 2 Print book 2.
ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits
Remember me on this computer. If a reimbursement claim is made by teletransmission, no mail confirmation is to be sent. ICC uniform rules for bank-to-bank reimbursements under documentary credits’. A reimbursement amendment must state the relative changes to the above. Any claim for loss of interest, loss of value due to any exchange rate fluctuations, revaluations or devaluations are between the claiming bank and the issuing bank, unless such losses result from the non-performance of the reimbursing bank under a reimbursement undertaking.
All charges paid by the reimbursing bank will be in addition to the amount of the authorization, provided that icc claiming bank indicates the amount of such charges. 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. 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.
The reimbursing bank assumes no liability or responsibility for any consequences that may arise from any such duplication. C of these rules, a reimbursement authorization authorizing or requesting the issuance of a reimbursement iccc must comply with the provisions of this article.
URR ICC UNIFORM RULES FOR BANK-TO-BANK REIMBURSEMENTS
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 icd bank. When a reimbursing bank follows the instructions of the issuing bank regarding charges including commissions, fees, costs or expenses and these charges are not paid, or a reimbursement claim is never presented to the reimbursing bank under the reimbursement authorization, the issuing ugr remains liable for such charges.
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Some features of WorldCat will not ugr available. A reimbursing bank must communicate its acceptance or rejection of an irrevocable reimbursement authorization amendment to the issuing bank.
The issuing bank shall be bound by and liable to indemnify the reimbursing bank 7725 all obligations and responsibilities imposed by foreign laws and usages. 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.
A reimbursement authorization must in addition to the requirement of article 1 for incorporation of reference to these rules state the following: 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. 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:.
When a time draft is to be drawn on the reimbursing ugr, the claiming bank must forward the draft occ the reimbursement claim to the reimbursing bank for processing and include, where appropriate, the following in its claim:.