URC 522 - Uniform Rules for Collections - Including eURC Version 1.1

The ICC Uniform Rules for Collections are a practical set of Rules to aid bankers, buyers, and sellers in the collections process. The Rules have been prepared to resolve problems that practitioners have experienced in their everyday operations since 1979.

URC 522 mandates a separate collection instruction for each transaction, clarifying that banks do not examine documents for instructions.

The rules address issues with documents against acceptance (D/A) and documents against payment (D/P), providing specific guidance.

Banks are explicitly not required to store or insure goods, outlining their responsibilities and limitations in collections.

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eBook Summary

Description

The ICC Uniform Rules for Collections are a practical set of Rules to aid bankers, buyers, and sellers in the collections process. The Rules have been prepared to resolve problems that practitioners have experienced in their everyday operations since 1979.

URC 522 underlines the need for the principal and/or the remitting bank to attach a separate document, the collection instruction, to every collection subject to the Rules – makes it very clear that banks will not examine documents, particularly not to look for instructions – addresses problems banks experience in respect of documents against acceptance (D/A) and documents against payment (D/P) – clearly indicates that banks have no obligation to store and insure goods when instructed.

Table of contents

Preface..... 1

A.  General provisions and definitions..... 7

►Article 1: Application of URC 522..... 7

►Article 2: Definition of collection..... 7

►Article 3: Parties to a Collection..... 8

B.  Form and structure of collections...... 9

►Article 4: Collection instruction..... 9

C.  Form of presentation..... 11

►Article 5: Presentation..... 11

►Article 6: Sight/Acceptance..... 11

►Article 7: Release of commercial documents..... 11

►Article 8: Creation of documents..... 12

D. Liabilities and responsibilities..... 13

►Article 9: Good faith and reasonable care..... 13

►Article 10: Documents vs. goods/services/performances..... 13

►Article 11: Disclaimer for acts of an instructed party..... 13

►Article 12: Disclaimer on documents received..... 14

►Article 13: Disclaimer on effectiveness of documents..... 14

►Article 14: Disclaimer on delays, loss in transit and translation..... 14

►Article 15: Force majeure..... 14

E.  Payment.... 15

►Article 16: Payment without delay..... 15

►Article 17: Payment in local currency..... 15

►Article 18: Payment in foreign currency..... 15

►Article 19: Partial payments..... 15

F. Interest, charges and expenses..... 16

►Article 20: Interest..... 16

►Article 21: Charges and expenses..... 16

G.  Other provisions..... 18

►Article 22: Acceptance..... 18

►Article 23: Promissory notes and other instruments..... 18

►Article 24: Protest..... 18

►Article 25: Case-of-need..... 18

►Article 26: Advices..... 18

Introduction to eURC version 1.1..... 23

Preliminary considerations..... 25

►Article e1: Application of the eURC..... 26

►Article e2: Scope of the eURC..... 26

►Article e3: Relationship of the eURC to the URC..... 26

►Article e4: Definitions..... 26

►Article e5: Electronic records and paper documents v. goods, services or performance..... 27

►Article e6: Format..... 28

►Article e7: Presentation..... 28

►Article e8: Advice of non-payment or non-acceptance..... 28

►Article e9: Determination of a due date..... 28

►Article e10: Release of electronic records..... 29

►Article e11: Data corruption of an electronic record..... 29

►Article e12: Additional disclaimer of liability for presentation of electronic

►records under eURC..... 29

►Article e13: Force majeure..... 29

ICC Banking Commission at a glance..... 30

►The world’s essential rule-making body for the banking industry..... 30

►Rules..... 30

►Policy-making..... 30

►Publications and trade register..... 30

►Dispute resolution..... 30

►Education and certification..... 30

►Specialized training and events...... 30

►Strategic partnerships..... 31

About ICC..... 31

Details

  • Publishing date: 1995
  • Number of pages: 29
  • Language: English

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