ICC UNIFORM RULES FOR BANK TO BANK REIMBURSEMENTS UNDER DOCUMENTARY CREDITS

The Uniform Rules for Bank-to-BankReimbursements under Documentary Credits(“Rules”), ICC Publication No. 525, shall applyto all Bank-to-Bank Reimbursements wherethey are incorporated into the text of theReimbursement Authorisation. They arebinding on all parties thereto, unless otherwiseexpressly stipulated in the ReimbursementAuthorisation. The Issuing Bank is responsiblefor indicating in the Documentary Credit(“Credit”) that Reimbursement Claims aresubject to these Rules. In a Bank-to-BankReimbursement subject to these Rules, theReimbursing Bank acts on the instructions and/or under the authority of the Issuing Bank.These Rules are not intended to override orchange the provisions of the ICC UniformCustoms and Practice for Documentary Credits....
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ICC UNIFORM RULES FOR BANK TO BANK REIMBURSEMENTS UNDER DOCUMENTARY CREDITS RulesforBanktoBankReimbursementsunderDocumentary Credits URR525–July1st1996 ICCUNIFORMRULESFORBANKTO BANKREIMBURSEMENTSUNDER DOCUMENTARYCREDITSCaùcquitaécthoángnhaátveàhoaøntraûgiöõacaùcngaânhaøngtrongtínduïngchöùngtöøA. General Provisions andDefinitionsArticle 1 - Application of URR The Uniform Rules for Bank-to-BankReimbursements under Documentary Credits(“Rules”), ICC Publication No. 525, shall applyto all Bank-to-Bank Reimbursements wherethey are incorporated into the text of theReimbursement Authorisation. They arebinding on all parties thereto, unless otherwiseexpressly stipulated in the ReimbursementAuthorisation. The Issuing Bank is responsiblefor indicating in the Documentary Credit(“Credit”) that Reimbursement Claims aresubject to these Rules. In a Bank-to-BankReimbursement subject to these Rules, theReimbursing Bank acts on the instructions and/or under the authority of the Issuing Bank.These Rules are not intended to override orchange the provisions of the ICC UniformCustoms and Practice for Documentary Credits.Article 2 - Definitions As used in these Rules, the following termsshall have the meanings specified in thisArticle and may be used in the singular orplural as appropriate:a). “IssuingBank” shall mean the bank that has issued a Credit and the Reimbursement Authorisation under that Credit.b). “ReimbursingBank” shall mean the bank instructed and/or authorised to provide reimbursement pursuant to a Reimbursement Authorisation issued by the Issuing Bank. Page 1 of 16 RulesforBanktoBankReimbursementsunderDocumentary Credits URR525–July1st1996c). “Reimbursement Authorisation” shall mean an instruction and/or authorisation, independent of the Credit, issued by an Issuing Bank to a Reimbursing Bank to reimburse a Claiming Bank, or, if so requested by the Issuing Bank, to accept and pay a time draft(s) drawn on the Reimbursing Bank.d). “Reimbursement Amendment” shall mean an advice from the Issuing Bank to a Reimbursing Bank stating changes to a Reimbursement Authorisation.e). “ClaimingBank” shall mean a bank that pays, incurs a deferred payment undertaking, accepts draft(s), or negotiates under a Credit and presents a Reimbursement Claim to the Reimbursing Bank. “Claiming Bank” shall include a bank authorised to present a Reimbursement Claim to the Reimbursing Bank on behalf of the bank that pays, incurs a deferred payment undertaking, accepts draft(s), or negotiates.f). “Reimbursement Claim” shall mean a request for reimbursement from the Claiming Bank to the Reimbursing Bank.g). “Reimbursement Undertaking” shall mean a separate irrevocable undertaking of the Reimbursing Bank, issued upon the authorisation or request of the Issuing Bank, to the Claiming Bank named in the Reimbursement Authorisation, to honour that bank’s Reimbursement Claim provided the terms and conditions of the Reimbursement Undertaking have been complied with.h). “Reimbursement Undertaking Amendment” shall mean an advice from the Reimbursing Bank to the Claiming Bank named in the Reimbursement Authorisation, stating changes to a Reimbursement Undertaking. Page 2 of 16 RulesforBanktoBankReimbursementsunderDocumentary Credits URR525–July1st1996i). For the purposes of these Rules branches of a bank in different countries are considered separate banks.Article 3 - ReimbursementAuthorisations Versus Credits A Reimbursement Authorisation is separatefrom the Credit to which it refers, and aReimbursing Bank is not concerned with orbound by the terms and conditions of theCredit, even if any reference whatsoever to theterms and conditions of the Credit is includedin the Reimbursement Authorisation.B. Liabilities andResponsibilitiesArticle 4 - Honour of a ReimbursementClaim Except as provided by the terms of itsReimbursement Undertaking a ReimbursingBank is not obligated to honour aReimbursement Claim.Article 5 - Responsibilities of theIssuing Bank The Issuing Bank is responsible forproviding the information required in theseRules in both the Reimbursement Authorisationand Credit and is responsible for anyconsequences resulting from non-compliancewith this provision.C. Form and Notification ofAuthori ...