Uniform Rules for Forfaiting (URF800)

No. @800E

ISBN : 978-92-842-0239-3

ICC Uniform Rules for Forfaiting details how forfaiting facilitates the provision of finance to the international trade community. It eliminates certain risks, improves Cash Flow and can considerably speed up and simplify transactions. The International Chamber of Commerce (ICC) and the International Forfaiting Association (IFA) have joined forces to provide the business community with the first ever Uniform Rules on Forfaiting (URF 800). The value of the forfaiting market is estimated at more than 300 billion USD annually. In effect since 1 January 2013, ICC’s URF now provide a standard set of rules that reflect a broad consensus among bankers, users and all members of the forfaiting community worldwide. The use of global rules and standards helps avoid misunderstandings, harmonizes best practice around the globe and facilitates dispute settlement. Clear definitions and practical model agreements, also included in this edition, will help further understand and efficiently apply the present rules. ICC Uniform Rules for Forfaiting (URF 800) cover controversial subjects and clarify complex issues such as : Forfaiting agreements and conditions in the primary market Forfaiting confirmations and conditions in the secondary market Payments and payments under reserve Liabilities And more Created by experts for experts, ICC URF is a must-have for anyone involved in international trade finance transactions. ICC Uniform Rules for Forfaiting URF 800 is also available in English-French. Follow the links for a description in the respective languages. Your logo on ICC URF 800 Get personalized copies of ICC’s Forfaiting Rules for your employees and business partners for only 25,20 euros instead of 28 Euros. The minimum order quantity for customization is 300 copies. Your logo will be printed in colour on the cover of the book! For more information please refer to our personalization information. The ICC Commission on Banking is a leading global rule-making body for the banking industry. It produces universally accepted rules and guidelines for international banking practice. Founded in August 1999 and with more than 140 members, the International Forfaiting Association aims to foster business relationships and enable best practice among those engaged in the ever-expanding global Trade Finance community.

Code ISBN : 978-92-842-0239-3
Number of pages : 74
Publishing date : 2012
Language : English
Format in cm : 13.4*22.9

FOREWORDS

INTRODUCTION


1. Article 1 Application of URF

2. Article 2 Definitions

3. Article 3 Interpretations

4. Article 4 Without recourse

5. Article 5 Forfaiting agreements in the primary market

6. Article 6 Conditions in the primary market

7. Article 7 Satisfactory documents in the primary market

8. Article 8 Forfaiting confirmations in the secondary market

9. Article 9 Conditions in the secondary market

10. Article 10 Satisfactory documents in the secondary market

11. Article 11 Payment

12. Article 12 Payment under reserve

13. Article 13 Liabilities of the parties

14. Article 14 Notices

· ANNEXES

1. Annex 1 Master Forfaiting Agreement

2. Annex 2 Forfaiting Agreement

3. Annex 3 Forfaiting Agreement in SWIFT format

4. Annex 4 Forfaiting Confirmation


· ICC URF Consultative Group

· ICC Banking Commission at a Glance

· ICC

· IFA

CHAIR

Hennie van Diemen Global Head, Trade Expertise Desk BNP Paribas Fortis Belgium

MEMBERS

1.Pavel Andrle Secretary, Banking Commission ICC Czech Republic Czech Republic

2.Ahsan Aziz Country Operational Risk Officer, Standard Chartered Bank Pakistan Ltd. Pakistan

3.Silja Calac UniCredit Group Team Head, Forfaiting Germany

4.Péter Gádor Director, Commercial Banking Division, International Syndication and Trade Finance Department, OTP Bank Nyrt Hungary

5.Jörg Heribert Gloss Landesbank Berlin AG Corporate Development & Legal Germany

6.Zhu Hongsheng Senior Manager China Minsheng Banking Corp. China

7.Dusica Marjanac OTP banka Srbija a.d. Novi Sad Head of Division Serbia

8.Natalia Mesa Esteve Head of Export Finance La Caixa

9.Dimitris Th. Paleologos Trade Finance Technical Advisor Hellenic Bank Association Greece

10.Tatiana V. Pavlova Head of documentary Business Promotion Documentary Business and Foreign Exchange Control Department JSC VTB Bank Russian Federation

11. Jorge Luis Riva Partner, Riva & Alvarez Agudo - Abogados Argentina

12.Michael Seeger Director, Senior Counsel Legal Department Deutsche Bank AG Germany

13.Soh Chee Seng Chief Consultant DCTrade Consultants Singapore

14.Fung King Tak Partner, Banking and Finance Department Eversheds/Stephen Mok & Co. Hong Kong

15. Antonio Wojdyniak Head of International Affairs, Banque Palatine France

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