{"id":3173,"date":"2018-10-26T16:13:09","date_gmt":"2018-10-26T20:13:09","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=3173"},"modified":"2019-04-06T07:08:17","modified_gmt":"2019-04-06T11:08:17","slug":"urc-522-icc-uniform-rules-for-collections","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/26\/urc-522-icc-uniform-rules-for-collections\/","title":{"rendered":"URC 522 – ICC Uniform Rules for Collections"},"content":{"rendered":"

Documentary collection, which is also known as Cash Against Documents (CAD), is a payment method in international trade.<\/p>\n

ICC Uniform Rules for Collections is the title of the book that is published by ICC to govern the documentary collections.<\/p>\n

The ICC Uniform Rules for Collections were first published by the ICC in 1956. Revised
\nversions were issued in 1967 and 1978.<\/p>\n

This present revision was adopted by the Council of the ICC in June 1995, for issue as
\nICC Publication No: 522, URC 522.<\/p>\n

URC 522 consists of 32 pages in total.<\/p>\n

Full details of URC 522 for ordering considerations is as follows : ICC Uniform Rules for Collections URC 522 ICC Publication No. 522, 1995 Edition<\/a>.<\/p>\n

URC 522 is in force as of January 1, 1996.<\/p>\n

\"urc<\/h4>\n

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.<\/p>\n

URC 522 makes it very clear that banks will not examine documents, particularly not to look for instructions.<\/p>\n

URC 522 addresses problems banks experience in respect of documents against acceptance (D\/A) and documents against payment (D\/P)<\/p>\n

URC 522 clearly indicates that banks have no obligation to store and insure goods when instructed.<\/p>\n

 <\/p>\n

<\/h4>\n

Contents of the URC 522:<\/strong><\/h4>\n

A. General Provisions and Definitions<\/span><\/p>\n

    \n
  • Application of URC 522<\/li>\n
  • Definition of Collection<\/li>\n
  • Parties to a Collection<\/li>\n<\/ul>\n

    B. Form and Structure of Collections<\/span><\/p>\n

      \n
    • Collection Instruction<\/li>\n<\/ul>\n

      C. Form of Presentation<\/span><\/p>\n

        \n
      • Presentation<\/li>\n
      • Sight \/ Acceptance<\/li>\n
      • Release of Commercial Documents\n
          \n
        • Documents Against Acceptance (D\/A) vs. Documents Against Payment (D\/P)<\/li>\n<\/ul>\n<\/li>\n
        • Creation of Documents<\/li>\n<\/ul>\n

          D. Liabilities and Responsibilities<\/span><\/p>\n

            \n
          • Good Faith and Reasonable Care<\/li>\n
          • Documents vs. Goods \/ Services Performances<\/li>\n
          • Disclaimer for Acts of an Instructed Party<\/li>\n
          • Disclaimer on Documents Received<\/li>\n
          • Disclaimer on Effectiveness of Documents<\/li>\n
          • Disclaimer on Delays, Loss in Transit and Translation<\/li>\n
          • Force Majeure<\/li>\n<\/ul>\n

            E. Payment<\/span><\/p>\n

              \n
            • Payment Without Delay<\/li>\n
            • Payment in Local Currency<\/li>\n
            • Payment in Foreign Currency<\/li>\n
            • Partial Payments<\/li>\n<\/ul>\n

              F. Interest, Charges and Expenses<\/span><\/p>\n

                \n
              • Interest<\/li>\n
              • Charges and Expenses<\/li>\n<\/ul>\n

                G. Other Provisions<\/span><\/p>\n

                  \n
                • Acceptance<\/li>\n
                • Promissory Notes and other Instruments<\/li>\n
                • Protest<\/li>\n
                • Case-of-Need<\/li>\n
                • Advices<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                  Documentary collection, which is also known as Cash Against Documents (CAD), is a payment method in international trade. ICC Uniform Rules for Collections is the title of the book that is published by ICC to govern the documentary collections. The<\/p>\n","protected":false},"author":1,"featured_media":3181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[366,377],"tags":[222,375,382,369,378],"class_list":["post-3173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rules","category-urc-522","tag-cash-against-documents","tag-documentary-collections","tag-documentary-collections-rules","tag-letter-of-credit-rules","tag-urc-522"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/3173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=3173"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/3173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/3181"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=3173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=3173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=3173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}