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Uniform Rules For Reimbursement 725 Pdf Download

Official text of the ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits - URR 725.","image":"https:\/\/\/media\/catalog\/product\/cache\/6b1c09900b407c50fce2db5e66ebc123\/7\/2\/725e_cover_1.jpg","offers":"@type":"http:\/\/\/Offer","price":18,"url":"https:\/\/\/icc-uniform-rules-for-bank-to-bank-reimbursements-under-documentary-credits-urr-726.html","priceCurrency":"EUR","availability":"http:\/\/\/InStock"}] try if (!window.localStorage catch(e) (function () var Storage = function (type) var data; function createCookie(name, value, days) var date, expires; if (days) date = new Date(); date.setTime(date.getTime()+(days * 24 * 60 * 60 * 1000)); expires = '; expires=' + date.toGMTString(); else expires = ''; document.cookie = name + '=' + value+expires+'; path=/'; function readCookie(name) var nameEQ = name + '=', ca = document.cookie.split(';'), i = 0, c; for (i=0; i JavaScript seems to be disabled in your browser. For the best experience on our site, be sure to turn on Javascript in your browser.

uniform rules for reimbursement 725 pdf download

The Uniform Rules for Bank-to-Bank Reimbursements ("URR") were first published by ICC in November 1995 and came into force on July 1, 1996 as ICC Publication No.525. At the time, reimbursement authorizations had begun to be issued in currencies other than what had been the more common currency i.e., US Dollars and an international set of rules were deemed necessary. It should be noted that there had been Bank-to-Bank Reimbursement rules operating in the USA for many years and these formed the basis for the establishment of the principles to be considered in drafting URR 525.

From July 1, 1996 issuing banks were faced with the decision as to whether their reimbursement authorizations should be made subject to URR 525 or UCP 500 article 19. To encourage usage of the URR and reduce the possibility of any ambiguity as to the applicable rules, SWIFT modified their handbook to reflect that the issuance of an MT740 (Authorisation to Reimburse) would automatically apply to URR 525, unless otherwise stated.

After implemented of UCP 600 from July 1, 2007 ICC announced an updated version of its Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) will take effect on 1 October 2008 known as URR 725, the update was necessary to bring the URR rules into conformity with the UCP 600. Today, the majority of credits are issued available by negotiation and the issuing bank provides reimbursement of a complying presentation at sight or on a future due date. URR 725 should not be seen as a revision of URR 525. It is an updating process that has followed the same manner as the eUCP i.e., to change the style to match that of UCP 600 article 13. The changes were approved by the ICC national committees at the ICC Banking Commission in April 2008.

Clearly, there are aspects of a reimbursement process that are not suitably covered by UCP 600 article 13. This is a deliberate position to encourage usage of rules that are specifically designed for the product. To expand the content of UCP 600 article 13 to cover more areas of reimbursement processes would serve no useful purpose.


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