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ICC Uniform Rules For Collection

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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 national, state or local law and/or regulation which cannot be departed from. | Uniform Rules for Collections - URC522 ICC UNIFORM RULES FOR COLLECTION A. General Provisions and Definations Article 1 - Application of URC 522 a. The Uniform Rules for Collections 1995 Revision ICC Publication No. 522 shall apply to all collections as definnd I n Article 2 whhres suCrulusa re incoroorated into the text of the coHection I nntruction refefreetolnArticie d a nda re dl nding on all ppaiee thereto onluns otoerwish seprespie sgreed ee cooUraty o toe provisions of a natiooat ststa o r tocol law an d oa roguletioa w i ch cannct be departed from. b. Banks shall hnav nn o bligation to Oanaie either e nail ectlon or aor aollection instruction or subsequent relatea instructions. c. If a bbl e leds fa r any neason mot to hand le a cell eatlcn ec any releta instructions received b lt rt must advise toe ea rtyfrc mo vh omit receidcd tea collection or the l nstructionn bbteleecmmuu cctton co if tharla sc oopsisie ey other expeditious means without delay. Article 2 - Defination of Collection For the purposes of these Articles a. Collection means the handling by banks cf documente asdefined lnsub-Artide 2 b in accordance with instructions received in order to 1. obtain payment and or acceptance or 2. deliver documents against payment and or against acceptance or 3. deliver documents on other terms and conditions. b. Documents means financial documents and or commercial documents 1. Financial documents means biils oO edshnvag prom ssclornatedi c heqqes or other similar instruments used for obtaining the payment of money 2. Commercial documents means l nav ccdi travnpcrt docummntei d canmurdn of title or other similar documents or any other documents hhatsoever n being financial documents. c. Clean collection means collection oO flnava aldaoumudtsn ctaccomuan addy commercial documents. d. Documentary collection means collection of 1. Financial documents accompanied by commercial documents 2. Commercial documents not accompanied by financial documents. Article 3 - .