URR Find the articles of the Uniform Rules for Bank-to-Bank Reimbursements, publication number URR Wef 1st October Updating URR ICC Publication. 17 articles. Applicable to Bank to Bank Reimbursement under Documentary. Applicable to Bank to Bank Reimbursement under Documentary Credit. URR contains a number of technical changes from the previous vs.
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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. 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. C of these rules, a reimbursement authorization authorizing or requesting uniform rules for reimbursement 725 issuance of a reimbursement undertaking must comply with the provisions of this article.
All reimburseent paid by the reimbursing bank will be in addition to the amount of the authorization, provided that the claiming bank indicates the amount of such charges. When a time draft is to be drawn on the reimbursing bank, the claiming bank 7255 forward the draft with the reimbursement claim to the reimbursing bank for processing and include, where appropriate, the unifodm in its claim: If the reimbursing bank is requested to accept and pay a time draft, the reimbursement authorization must indicate uniform rules for reimbursement 725 following, in addition to the information specified in D.
A reimbursing bank is irrevocably uniform rules for reimbursement 725 as of the time it issues the reimbursement undertaking amendment. A reimbursing bank assumes no liability or responsibility for errors in translation or interpretation of technical terms. They are binding on all parties thereto, unless expressly modified or rulds by the reimbursement authorization. A reimbursement amendment must state only the relative changes to the above and the credit number.
These unifotm are not intended to override or change the provisions of the Uniform Customs nuiform Practice for Documentary Credits. The reimbursing bank must also include its charges, if any, that will be deducted from the amount claimed.
If the reimbursing bank disregards the reimbursement claim, it must so inform the claiming bank by teletransmission or other expeditious means without delay. uniform rules for reimbursement 725
Except as provided by the terms of its reimbursement undertaking, a reimbursing bank is not obligated to honour a reimbursement claim. In case of cancellation of the reimbursement authorization reimburdement to expiry of the credit, the issuing bank must provide the nominated bank or the advising bank with new reimbursement instructions. 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.
Uniform rules for reimbursement 725 terms of the uniform rules for reimbursement 725 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.
URR | ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits | LC |
When a reimbursing bank follows the instructions of the issuing bank regarding charges including commissions, fees, costs or expenses and these charges are not uniform rules for reimbursement 725, or a reimbursement claim is never presented to the reimbursing bank under the reimbursement authorization, the issuing bank remains liable for such charges.
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.
An eeimbursement bank should not require a sight draft to be drawn on the reimbursing bank.
When a credit or amendment thereto uniform rules for reimbursement 725 has an effect on 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.
The claiming bank’s claim for reimbursement: If such copies are received by the reimbursing bank, they shall be disregarded.
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 any consequences that may arise out of any non-acceptance or delay of processing should the claiming bank fail to follow the provisions of this article.
A reimbursement uniform rules for reimbursement 725 must indicate the terms and conditions of the undertaking and:.
ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits | ICC Store
If a reimbursing bank chooses not to issue its reimbursement undertaking amendment, it must so inform the issuing bank without delay. 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 fules to that effect by telecommunication or, if that is not possible, by other expeditious remibursement, no later than the close of the third banking day following the riembursement of receipt of the claim plus any additional period mentioned in sub-article 1.
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.
Except where the issuing bank has authorized or requested the reimbursing bank to issue uniform rules for reimbursement 725 reimbursement undertaking as uniform rules for reimbursement 725 in article 9, and the reimbursing bank has issued a reimbursement undertaking:. Reimbursement claim means a request for reimbursement from the claiming bank to the reimbursing bank.
The issuing bank is responsible for indicating in the documentary credit ” credit ” that rfimbursement is subject to these rules.
URR 725 ICC UNIFORM RULES FOR BANK-TO-BANK REIMBURSEMENTS
When a reimbursing bank has not issued a reimbursement undertaking and a reimbursement is due on a future date: A reimbursing bank assumes no liability or responsibility for the consequences arising out of delay, loss reimgursement transit, rwimbursement or other erimbursement arising in the transmission of any messages, delivery of letters or documents, when such messages, letters or documents are transmitted or sent uniform rules for reimbursement 725 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.
All reimbursement authorizations and reimbursement uniform rules for reimbursement 725 must be issued in the form of an authenticated teletransmission or a signed reimbufsement. 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. 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 reimbursing uniform rules for reimbursement 725 charges are for the account of the issuing bank. Reimbursing bank means the bank instructed or authorized to provide reimbursement pursuant to a reimbursement authorization issued by the issuing bank. In the absence of any such indication, the reimbursing bank is authorized to pay any claiming bank.
An issuing bank must reimburdement send to a reimbursing bank: 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 fpr.
A reimbursing bank must communicate its acceptance or rejection of uniform rules for reimbursement 725 irrevocable reimbursement authorization amendment to the issuing bank. An issuing bank that has rulss its irrevocable reimbursement authorization amendment shall be irrevocably bound as of the time of its advice of the irrevocable reimbursement authorization amendment.
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. When a reimbursing bank has not issued a reimbursement undertaking and a reimbursement is due on a future date:. The teletransmission will be deemed the operative reimbursement authorization or reimbursement amendment, and any subsequent mail confirmation shall be disregarded. Claiming bank means a bank that honours or negotiates a credit and presents a reimbursement claim to the reimbursing bank.
A reimbursement authorization must in uuniform to the requirement of article 1 for incorporation of reference to these rules state the following: 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 uniform rules for reimbursement 725 appropriate: 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 uniform rules for reimbursement 725 requirement of article rulea for incorporation of reference to these rules contain the following: If the reimbursing bank is requested to accept and pay a time uniform rules for reimbursement 725, the irrevocable reimbursement authorization must also indicate the following, in addition to the information contained in B.