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 rur for reference purpose only. 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 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.
ICC uniform rules for bank-to-bank reimbursements under documentary credits’.
Doly & Co – URR
In case of cancellation of the reimbursement authorization prior to expiry of the credit, the issuing bank must provide the nominated bank or the advising bank with new reimbursement instructions.
If a pre-debit notification is required by the issuing bank, this pre-debit notification period shall be in addition to the processing period mentioned above. 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. Cancel Forgot your password? In the absence of any such indication, the reimbursing bank is authorized to pay any claiming bank; 5.
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. 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 is irrevocably bound as of the time it issues the reimbursement undertaking amendment. Such notice shall be sent to the claiming bank and the issuing bank and, in the case of a reimbursement undertaking, it must state the reasons for non-payment of the claim.
A reimbursement claim received outside banking hours will be deemed to be received on the next following banking day. 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 utr in the credit, 72 authorization or reimbursement claim.
ucc 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. Year Language English.
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 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.
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: 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.
A reimbursement authorization must in addition to the requirement of article 1 for incorporation of reference to these rules state the following: WorldCat is the world’s largest library catalog, helping you find library materials online. ICC uniform rules for bank-to-bank reimbursements under documentary credits by International Chamber of Commerce.
ICC uniform rules for bank-to-bank reimbursements under documentary credits’ Sort by: For the purpose of these rules, branches of a bank in different countries are considered to be separate banks.
If the reimbursing bank is authorized or requested by the issuing bank to issue its reimbursement undertaking to the claiming bank but is not prepared to do so, it must so inform the issuing bank without delay. If the issuing bank does not comply with the above and a duplicate reimbursement is made, it is the responsibility of the issuing bank to obtain the return of the amount of the duplicate reimbursement.
When a credit or amendment thereto which has an effect yrr the reimbursement authorization is issued by teletransmission, the issuing bank should advise its reimbursement authorization or reimbursement amendment to the reimbursing bank by authenticated teletransmission. If a reimbursement claim is presented more than ten banking days prior to 72 predetermined date, the reimbursing bank may disregard the idc claim.
If such copies are received by the reimbursing bank, they shall be disregarded. Select All Clear All Save to: In addition to the requirements of sub-articles 6. ICC uniform rules for bank-to-bank reimbursements under documentary credits.
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 cic reimbursement authorization or reimbursement amendment, it must so inform the issuing bank without delay.
A reimbursing bank assumes no liability or responsibility if it honours a reimbursement claim indicating that a payment, acceptance or negotiation was made under reserve or against an indemnity, and shall disregard such indication. ICC uniform rules for bank-to-bank reimbursements under documentary credits: