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Uc Un Us

Unconfirmed letter of credit

A documentary letter of credit where the advising bank makes no commitment to pay, accept or negotiate. See letter of credit; silent confirmation.

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Uniform Rules for Collections (URC)

A set of rules published by the International Chamber of Commerce (ICC) 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. The URC…

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Uniform Rules for Contract Guarantees (URCG)

The International Chamber of Commerce (ICC) has established a set of contractual rules that may be used for contract guarantees to achieve a fair balance among the legitimate interests of the three parties involved in contract guarantees, the beneficiary, the…

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Uniform Rules for Demand Guarantees (URDG)

A set of contractual rules established by the International Chamber of Commerce (ICC) that may be used for demand guarantees and counter-guarantees. These rules are not law, and apply only if the parties to the demand or counter-guarantee so choose….

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