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Uniform Rules for Collections No. 522 1995 Revision in force as of January 1, 1996 Leaflet Version, ICC No.522LF The ICC Uniform rules for collections were first published by the ICC in 1956. Revised versions were issued in 1967 and 1978. This present revision was adopted by the Council o...
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.
Article 4 - COLLECTION INSTRUCTION A) 1) All documents sent for collection must be accompanied by a collection instruction indicating that the collection is subject to URC 522 and giving complete and precise instructions.
11 lip 2024 · The URC 522 addresses disputes and problems that the parties involved in payment collection, including bankers and businesses, face. Thus, the primary bank must include a separate document, which is essentially the collection instruction.
a The Uniform Rules for Collections, 1995 Revision, ICC Publication No. 522, shall apply to all collections as defined in Article 2 where such rules are incorporated into the text of the "collection instruction" referred to in Article 4 and are binding on all parties thereto unless otherwise expressly agreed or contrary to the provisions of a ...
The eURC supplements the Uniform Rules for Collections (1995 Revision, ICC Publication No. 522) (“URC”) in order to accommodate presentation of electronic records alone or in combination with paper documents.
The last draft of the Uniform Rules for Collections, otherwise known as URC 522, sets out the need for the primary or remitting bank to draw up and attach a sheet that explicitly explains the purpose of, and the process that should be followed when, collecting debts.
