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 522 (last edition) 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 based on bank experiences in respect of documents against acceptance (D/A) and documents against payment (D/P) – and clearly indicates that banks have no obligation to store and insure goods when instructed.

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