Uniform Rules for Collections (URC 522) Some of the main international rules and practices applicable to documentary collection operations have been codified by the international chamber of commerce (ICC). These are published in the form of the Uniform Rules for Collections (URC) and banks in countries across the world incorporate them by reference in collection version of the URC was drawn up in 1995. To get coverage under ICC URC 522, in the operation of documentary collection, it is to be stated on the collection instruction that the payment is as per Uniform Rules for Collection 522. The URC has 26 articles that are divided under seven broad heads: General Provisions and Definitions; Form and Structure of Collection; , Charges and Expenses; and Other Provisions. Different articles have asserted the provisions and requirements of the documentary collection procedure; identified different forms of documents and their release; and described roles of different parties [principal/exporter, remitting bank, collecting bank, presenting bank, importer] involved in the documentary collection process.
Application of URR 522 (Article-1)
Collection definition (Article-2)
Collection parties (Article-3)
Collection Instruction (Article-4)
Release of Commercial Documents(Article-7)
Documents Creation (Article-8)
Good Faith and Reasonable Care (Article-9)
Documents Vs. Goods/Services/Performances (Article-10)
Disclaimer For Acts of an Instructed Party (Article-11)
Disclaimer on Documents Received (Article-12)
Disclaimer on Effectiveness of Documents (Article-13)
Disclaimer on Delays, Loss in Transit and Translation (Aricle-14)
Payment Without Delay(Article-16)
Payment in Local Currency (Article-17)
Payment in Foreign Currency (Article-18)
Charges and Expenses (Article-21)
Promissory Notes and Other Instruments (Article-23)
Download URC 522 (Uniform Rules for Collection 522) pdf File……….
