ICC's Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) have recently been revised.
The revision was necessary to bring these long-standing rules into conformity with UCP 600, ICC's universally used rules on letters of credit. URR 725 contains a number of technical changes from the previous version, URR 525, and will be used by most letter of credit practitioners around the world.
This revision was approved by the Commission on Banking Technique and Practice in April 2008 and came into effect on 1 October 2008. URR 725 is a four page leaflet sold by sets of ten leaflets.