ICC announced today that an updated version of its Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) will take effect on 1 October 2008.
Also known as URR 725, the update was necessary to bring the URR rules into conformity with the UCP 600, ICC's universally used rules on letters of credit. An updated version of the UCP 600 took effect on 1 July last year.
First published in 1995 under the title URR 525, the URR rules are the most widely-referenced rules of their kind. They clarify a number of issues in bank-to-bank reimbursements, such as expiry and conditions under which claims can be authenticated.
The updated rules were approved at a meeting of ICC’s Banking Commission held on 16 April.
URR 725 will be used by practitioners who elect to incorporate the updated URR into their letters of credit. The updated rules contain several important technical changes that bring the language into line with the UCP 600, such as “express indication”, and “operative reimbursement authorization”.
URR 725 is now available as a four-page leaflet and is sold in sets of 10. A bilingual edition in English and French will be available soon.
Other ICC publications related to the URR include: “URR 525 – A Commentary” (1995), and “ICC Guide to Bank-to-Bank Reimbursements under Documentary Credits, A Practical Guide to Daily Operations” (1997).
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