URC 522 - Uniform Rules for Collections

No. E522E

ISBN : 978-92-842-0270-6

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.

Code ISBN : 978-92-842-0270-6
Number of pages : 29
Publishing date : 1995
Language : English
Format in cm : 10*21

• Foreword
• Preface

1. General Provisions and Definitions
a. Article 1: Application of URC 522
b. Article 2: Definition of Collection
c. Article 3: Parties to a Collection

2. Form and Structure of Collections
a. Article 4: Collection Instruction

3. Form of Presentation
a. Article 5: Presentation
b. Article 6: Sight/Acceptance
c. Article 7: Release of Commercial Documents: Documents Against Acceptance (D/A) vs Documents Against Payment (D/P)
d. Article 8: Creation of Documents

4. Liabilities and Responsibilities
a. Article 9: Good Faith and Reasonable Care
b. Article 10: Documents vs.Goods/Services/Performances
c. Article 11: Disclaimer for Acts of an Instructed Party
d. Article 12: Disclaimer on Documents Received
e. Article 13: Disclaimer on Effectiveness of Documents
f. Article 14: Disclaimer on Delays, Loss in Transit and Translation
g. Article 15: Force Majeure

5. Payment
a. Article 16: Payment Without Delay
b. Article 17: Payment in Local Currency
c. Article 18: Payment in Foreign Currency
d. Article 19: Partial Payments

6. Interest, Charges and Expenses
a. Article 20: Interest
b. Article 21: Charges and Expenses

7. Other Provisions
a. Article 22: Acceptance
b. Article 23: Promissory Notes and other Instruments
c. Article 24: Protest
d. Article 25: Case-of-Need
e. Article 26: Advices

• Acknowledgements
• The ICC at a glance
• Selected ICC publications