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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...
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. Banks are only permitted to act upon the instructions given in such collection instruction, and in accordance with these Rules.
URC 522 underlines the need for the principal and/or the remitting bank to attach a separate document, the collection instruction, to every collection subject to the Rules.
This document provides a summary of the Uniform Rules for Collections (URC 522). It outlines 22 articles that define key terms and processes related to international collections, including defining the parties involved, requirements for collection instructions, procedures for presentation and payment, disclaimers, and other terms.
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 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.
URC 522 mandates a separate collection instruction for each transaction, clarifying that banks do not examine documents for instructions. The rules address issues with documents against acceptance (D/A) and documents against payment (D/P), providing specific guidance.
