Uniform Rules for Collections

Banking / Finance

Uniform Rules for Collections a Commentary

International Chamber of Commerce_ January 1995

Specifications

ISBN-13
9789284212019
Publisher
International Chamber of Commerce_
Publication
January 1995
Format
Paperback , 48 pages
Jurisdiction
International ? Countri(es) for reference only

Details

This publication combines the text of the updated ICC Uniform Rules for Collections (ICC Publication No. 522) with comments on each Article by the members of the ICC Working Group who drafted the Rules. Each of the Rules is followed by the relevant commentary including points of interest and issues raised. The comments:

  • reflect the views expressed by the Working Party in the course of its discussions during the revision of URC 322. 
  • give further guidance on practical issues which arise during the handling of Collections
  • provide insight into the line of thought running through the handling of Collections
  • will assist training personnel, both in the banks and in the commercial and other disciplines involved, to use more of a common sense approach in their training work to the ultimate benefit of the handling of Collections overall

Also included is a comparative index showing the evolution of the revised Rules.

Table of Contents

A. General Provisions and Definitions
Application of URC 522
Definition of Collection
Parties to a Collection

B. Form and Structure of Collections
Collection Instruction

C. Form of Presentation
Presentation
Sight / Acceptance
Release of Commercial Documents
Documents Against Acceptance (D/A)vs. Documents Against Payment (D/P)
Creation of Documents

D. Liabilities and Responsibilities
Good Faith and Reasonable Care
Documents vs. Goods / Services Performances
Disclaimer for Acts of an Instructed Party
Disclaimer on Documents Received
Disclaimer on Effectiveness of Documents
Disclaimer on Delays, Loss in Transit and Translation
Force Majeure

E. Payment
Payment Without Delay
Payment in Local Currency
Payment in Foreign Currency
Partial Payments

F. Interest, Charges and Expenses
Charges and Expenses

G. Other Provisions
Acceptance
Promissory Notes and other Instruments
Protest
Case-of-Need
Advices

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