URR 725Uniform Rules for BanktoBank Reimbursements.docx

URR 725Uniform Rules for BanktoBank Reimbursements.docx

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URR725UniformRulesforBanktoBankReimbursements

TheURR725aretheUniformRulesforBank-to-BankReimbursementsunderDocumentaryCredits.

Effectivedate:

01October2008.

ChangesmadeinURR725

URR725shouldnotbeseenasarevisionofURR525.ItisanupdatingprocessthathasfollowedthesamemannerastheeUCP,i.e.tochangethestyletomatchthatofUCP600.ThechangeswereapprovedbytheICCnationalcommitteesattheICCBankingCommissioninApril2008.

ThesechangesincludetheremovalofcapitalisationoftermsandgrammaticalchangestomatchUCP600wording.Asanexamplethe（s）havebeenremovedthroughouttherulesandthetermhonourhasalsobeenusedtoreplacethephrase"pays,incursadeferredpaymentundertaking,acceptsdraft（s）."

Article1hasbeenchangedtoallowforexpressindicationofthereimbursementauthorizationbeingsubjecttotherules:

"...reimbursementauthorizationexpresslyindicatesthatitissubjecttotheserules".DuetothischangeandthewordinginUCP600sub-article13（a）,thepreviousSWIFTstancethatareimbursementauthorizationwillautomaticallybesubjecttotheversionofURRineffectonthedateofissueisnolongerapplicable.AswiththeMT700,issuersofanMT740arerequiredtoindicatetheapplicablerules.Inthiscase,URRLATESTVERSIONorNOTURR.TheuseofNOTURRmeansthattherulesstatedinUCP600article13willapply.

Sub-article6（a）regardingtheoperativereimbursementauthorizationoramendmenthasbeenchangedtoreflecttheUCP600positioni.e.,toremoveallunnecessaryreferencetothecircumstanceswhereamailconfirmationtoateletransmissionissent.Inallcases,theteletransmissionistheoperativeinstrumentandanymailconfirmationwillbedisregarded.

Insub-articles6（d）（iv）and8（b）theterm"freelynegotiable"hasbeenchangedto"creditavailablewithanybank"soastomirrorthewordingusedinUCP600sub-article6（a）.

Anewsub-article9（g）hasbeenaddedstating"Areimbursingbankisirrevocablyboundtohonourareimbursementclaimasofthetimeitissuesthereimbursementundertaking."toreflectthesameconceptasUCP600sub-articles7（b）（issuingbankundertaking）and8（b）（confirmingbankundertaking）.Theremainingsub-articlesofarticle9havebeenrenumberedtoaccommodatethisinclusion.Thesameadditionhasbeenmadeinsub-article9（h）（iii）,foramendments,toreflectthesameconceptasUCP600sub-article10（b）.

Insub-article11（e）thereferencetoreserveorindemnityhasbeenremoved.Whetherornotaclaimingbankhaspaidunderindemnityorreservedoesnotconcernareimbursingbank.Thereimbursingbankisnotinvolvedintheexaminationofdocuments,thedeterminationofcompliancenorthemannerofhonourornegotiationofthatpresentation.

ItmayhaveescapedthenoticeofanumberofpractitionersthatinURR525sub-article11（e）theword"honour"wasused,eventhoughitdidnotappearinUCP500.InURR725sub-article11（e）thatuseoftheword"honour"hasnotbeenchangedasitwasusedinamoregenericsenseandnotinthemannerthattheterm"honour"isdefinedinUCP600.

Articles13（ForeignLawsandUsages）,14（DisclaimerontheTransmissionofMessages）and15（ForceMajeure）havebeenchangedtoalignthewordingwithUCP600.

Article16onchargeshasbeenalignedwiththestyleofUCP600tocreatetherulethatareimbursingbank'schargesarefortheaccountoftheissuingbank.Thiscan,ofcourse,bemodifiedbythetermsofthereimbursementauthorizationifsuchchargesaretobeforaccountofthebeneficiary.

URR725（effective01Oct）-Article1

ApplicationofURR

TheUniformRulesforBank-to-BankReimbursementsunderDocumentaryCredits（"rules"）,ICCPublicationNo.725,shallapplytoanybank-to-bankreimbursementwhenthetextofthereimbursementauthorizationexpresslyindicatesthatitissubjecttotheserules.Theyarebindingonallpartiesthereto,unlessexpresslymodifiedorexcludedbythereimbursementauthorization.Theissuingbankisresponsibleforindicatinginthedocumentarycredit（"credit"）thatreimbursementissubjecttotheserules.

Inabank-to-bankreimbursementsubjecttotheserules,thereimbursingbankactsontheinstructionsandundertheauthorityoftheissuingbank.

TheserulesarenotintendedtooverrideorchangetheprovisionsoftheUniformCustomsandPracticeforDocumentaryCredits.

URR725（effective01Oct）-Article2

Definitions

Forthepurposeoftheserules,thefollowingtermsshallhavethemeaningspecifiedinthisarticleandmaybeusedinthesingularorpluralasappropriate:

a."Issuingbank"meansthebankthathasissuedacreditandthereimbursementauthorizationunderthatcredit.

b."Reimbursingbank"meansthebankinstructedorauthorizedtoprovidereimbursementpursuanttoareimbursementauthorizationissuedbytheissuingbank.

c."Reimbursementauthorization"meansaninstructionorauthorization,independentofthecredit,issuedbyanissuingbanktoareimbursingbanktoreimburseaclaimingbankor,ifsorequestedbytheissuingbank,toacceptandpayatimedraftdrawnonthereimbursingbank.

d."Reimbursementamendment"meansanadvicefromtheissuingbanktoareimbursingbankstatingchangestoareimbursementauthorization.

e."Claimingbank"meansabankthathonoursornegotiatesacreditandpresentsareimbursementclaimtothereimbursingbank."Claimingbank"includesabankauthorizedtopresentareimbursementclaimtothereimbursingbankonbehalfofthebankthathonoursornegotiates.

f."Reimbursementclaim"meansarequestforreimbursementfromtheclaimingbanktothereimbursingbank.

g."Reimbursementundertaking"meansaseparateirrevocableundertakingofthereimbursingbank,issuedupontheauthorizationorrequestoftheissuingbank,totheclaimingbanknamedinthereimbursementauthorization,tohonourthatbank'sreimbursementclaim,providedthetermsandconditionsofthereimbursementundertakinghavebeencompliedwith.

h."Reimbursementundertakingamendment"meansanadvicefromthereimbursingbanktotheclaimingbanknamedinthereimbursementauthorizationstatingchangestoareimbursementundertaking.

i.Forthepurposeoftheserules,branchesofabankindifferentcountriesareconsideredtobeseparatebanks.

URR725（effective01Oct）-Article3

ReimbursementAuthorizationsVersusCredits

Areimbursementauthorizationisseparatefromthecredittowhichitrefers,andareimbursingbankisnotconcernedwithorboundbythetermsandconditionsofthecredit,evenifanyreferencewhatsoevertoitisincludedinthereimbursementauthorization.

URR725（effective01Oct）-Article4

HonourofaReimbursementClaim

Exceptasprovidedbythetermsofitsreimbursementundertaking,areimbursingbankisnotobligatedtohonourareimbursementclaim.

URR725（effective01Oct）-Article5

ResponsibilityoftheIssuingBank

Theissuingbankisresponsibleforprovidingtheinformationrequiredintheserulesinboththereimbursementauthorizationandthecredit,andisresponsibleforanyconsequencesresultingfromnon-compliancewiththisprovision.

URR725（effective01Oct）-Article6

IssuanceandReceiptofaReimbursementAuthorizationorReimbursementAmendment

a.Allreimbursementauthorizationsandreimbursementamendmentsmustbeissuedintheformofanauthenticatedteletransmissionorasignedletter.

Whenacreditoramendmenttheretowhichhasaneffectonthereimbursementauthorizationisissuedbyteletransmission,theissuingbankshouldadviseitsreimbursementauthorizationorreimbursementamendmenttothereimbursingbankbyauthenticatedteletransmission.Theteletransmissionwillbedeemedtheoperativereimbursementauthorizationorreimbursementamendment,andanysubsequentmailconfirmationshallbedisregarded.

b.Anissuingbankmustnotsendtoareimbursingbank:

i.acopyofthecreditoranypartthereof,oracopyofanamendmenttothecreditinplaceoforinadditiontothereimbursementauthorizationorreimbursementamendment.Ifsuchcopiesarereceivedbythereimbursingbank,theyshallbedisregarded.

ii.multiplereimbursementauthorizationsunderoneteletransmissionorletter,unlessexpresslyagreedtobythereimbursingbank.

c.Anissuingbankshallnotrequireacertificateofcompliancewiththetermsandconditionsofthecreditinthereimbursementauthorization.

d.Areimbursementauthorizationmust（inadditiontotherequirementofarticle1forincorporationofreferencetotheserules）statethefollowing:

i.creditnumber;

ii.currencyandamount;

iii.additionalamountspayableandtolerance,ifany;

iv.claimingbankor,inthecaseofafreelyavailablecredit,thatclaimscanbemadebyanybank.Intheabsenceofanysuchindication,thereimbursingbankisauthorizedtopayanyclaimingbank;

v.partiesresponsibleforcharges（claimingbank'sandreimbursingbank'scharges）inaccordancewitharticle16oftheserules.

Areimbursementamendmentmuststateonlytherelativechangestotheaboveandthecreditnumber.

e.Ifthereimbursingbankisrequestedtoacceptandpayatimedraft,thereimbursementauthorizationmustindicatethefollowing,inadditiontotheinformationspecifiedin（d）above:

i.tenorofdrafttobedrawn;

ii.drawer;

iii.partyresponsibleforacceptanceanddiscountcharges,ifany.

Areimbursementamendmentmuststatetherelativechangestotheabove.

Anissuingbankshouldnotrequireasightdrafttobedrawnonthereimbursingbank.

f.Anyrequirementfor:

i.pre-notificationofareimbursementclaimtotheissuingbankmustbeincludedinthecred