The ICC Uniform Rules for Collections are a practical set of Rules 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 since 1979.
URC 522 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 banks experience in respect of documents against acceptance (D/A) and documents against payment (D/P) – clearly indicates that banks have no obligation to store and insure goods when instructed.
Table of Contents
- General Provisions and Definitions
- Form and Structure of Collections
- Form of Presentation
- Liabilities and Responsibilties
- Interest, Charges and Expenses
- Other Provisions