Uniform Rules For Collections Urc 522
Uniform Rules For Collections Urc 522
Uniform Rules For Collections Urc 522
URC 522
–
REGLES UNIFORMES POUR LES
ENCAISSEMENTS (RUE 522)
SOMMAIRE
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
ARTICLE 5-PRESENTATION
a- For the purposes of these Articles, presentation is the procedure whereby the presenting bank
makes the documents available to the drawee as instructed.
b- The collection instruction should state the exact period of time within which any action is to be
taken by the drawee.
Expressions such as "first", "prompt", "immediate", and the like should not be used in connection with
presentation or with reference to any period of time within which documents have to be taken up or for
any other action that is to be taken by the drawee. If such terms are used banks will disregard them.
c- Documents are to be presented to the drawee in the form in which they are received, except that
banks are authorised to affix any necessary stamps, at the expense of the party from whom they
received the collection unless otherwise instructed, and to make any necessary endorsements or
place any rubber stamps or other identifying marks or symbols customary to or required for the
collection operation.
d- For the purpose of giving effect to the instructions of the principal, the remitting bank will utilise
the bank nominated by the principal as the collecting bank. In the absence of such nomination,
the remitting bank will utilise any bank of its own, or another bank's choice in the country of
payment or acceptance or in the country where other terms and conditions have to be complied
with.
e- The documents and collection instruction may be sent directly by the remitting bank to the
collecting bank or through another bank as intermediary.
f- If the remitting bank does not nominate a specific presenting bank, the collecting bank may
utilise a presenting bank of its choice.
ARTICLE 6-SIGHT/ACCEPTANCE
In the case of documents payable at sight the presenting bank must make presentation for payment
without delay. In the case of documents payable at a tenor other than sight the presenting bank must,
where acceptance is called for, make presentation for acceptance without delay, and where payment is
called for, make presentation for payment not later than the appropriate maturity date.
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
c- A party instructing another party to perform services shall be bound by and liable to indemnify
the instructed party against all obligations and responsibilities imposed by foreign laws and
usages.
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
ARTICLE 20-INTEREST
a- If the collection instruction specifies that interest is to be collected and the drawee refuses to pay
such interest, the presenting bank may deliver the document(s) against payment or acceptance or
on other terms and conditions as the case may be, without collecting such interest, unless sub-
Article 20(c) applies.
b- Where such interest is to be collected, the collection instruction must specify the rate of interest,
interest period and basis of calculation.
c- Where the collection instruction expressly states that interest may not be waived and the drawee
refuses to pay such interest the presenting bank will not deliver documents and will not be
responsible for any consequences arising out of any delay in the delivery of document(s).
When payment of interest has been refused, the presenting bank must inform by telecommunication or,
if that is not possible, by other expeditious means without delay the bank from which the collection
instruction was received.
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
Whenever collection charges and/or expenses are so waived they will be for the account of the party
from whom the collection was received and may be deducted from the proceeds.
b- Where the collection instruction expressly states that charges and/or expenses may not be waived
and the drawee refuses to pay such charges and/or expenses, the presenting bank will not deliver
documents and will not be responsible for any consequences arising out of any delay in the
delivery of the document(s). When payment of collection charges and/or expenses has been
refused the presenting bank must inform by telecommunication or, if that is not possible, by
other expeditious means without delay the bank from which the collection instruction was
received.
c- In all cases where in the express terms of a collection instruction or under these Rules,
disbursements and/or expenses and/or collection charges are to be borne by the principal, the
collecting bank(s) shall be entitled to recover promptly outlays in respect of disbursements,
expenses and charges from the bank from which the collection instruction was received, and the
remitting bank shall be entitled to recover promptly from the principal any amount so paid out by
it, together with its own disbursements, expenses and charges, regardless of the fate of the
collection.
d- Banks reserve the right to demand payment of charges and/or expenses in advance from the
party from whom the collection instruction was received, to cover costs in attempting to carry
out any instructions, and pending receipt of such payment also reserve the right not to carry out
such instructions.
ARTICLE 22-ACCEPTANCE
The presenting bank is responsible for seeing that the form of the acceptance of a bill of exchange
appears to be complete and correct, but is not responsible for the genuineness of any signature or for the
authority of any signatory to sign the acceptance.
ARTICLE 24-PROTEST
The collection instruction should give specific instructions regarding protest (or other legal process in
lieu thereof), in the event of non-payment or non-acceptance.
In the absence of such specific instructions, the banks concerned with the collection have no obligation
to have the document(s) protested (or subjected to other legal process in lieu thereof) for non-payment
or non-acceptance.
Any charges and/or expenses incurred by banks in connection with such protest, or other legal process,
will be for the account of the party from whom the collection instruction was received.
ARTICLE 25-CASE-OF-NEED
If the principal nominates a representative to act as case-of-need in the event of non-payment and/or
non-acceptance the collection instruction should clearly and fully indicate the powers of such case-of-
need. In the absence of such indication banks will not accept any instructions from the case-of-need.
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Uniform Rules for Collections. URC 522 - Règles uniformes pour les encaissements (RUe 522)
ARTICLE 26-ADVICES
Collecting banks are to advise fate in accordance with the following rules:
a- FORM OF ADVICE
All advices or information from the collecting bank to the bank from which the collection instruction
was received, must bear appropriate details including, in all cases, the latter bank's reference as stated in
the collection instruction.
b- METHOD OF ADVICE
It shall be the responsibility of the remitting bank to instruct the collecting bank regarding the method
by which the advices detailed in sub-Articles (c)i, (c)ii and (c)iii are to be given. In the absence of such
instructions, the collecting bank will send the relative advices by the method of its choice at the expense
of the bank from which the collection instruction was received.
c-
1- ADVICE OF PAYMENT
The collecting bank must send without delay advice of payment to the bank from which the collection
instruction was received, detailing the amount or amounts collected, charges and/or disbursements
and/or expenses deducted, where appropriate, and method of disposal of the funds.
2- ADVICE OF ACCEPTANCE
The collecting bank must send without delay advice of acceptance to the bank from which the collection
instruction was received.
3- ADVICE OF NON-PAYMENT AND/OR NON-ACCEPTANCE
The presenting bank should endeavour to ascertain the reasons for non-payment and/or non-acceptance
and advise accordingly, without delay, the bank from which it received the collection instruction.
The presenting bank must send without delay advice of non-payment and/or advice of non-acceptance to
the bank from which it received the collection instruction.
On receipt of such advice the remitting bank must give appropriate instructions as to the further
handling of the documents. If such instructions are not received by the presenting bank within 60 days
after its advice of non-payment and/or non-acceptance, the documents may be returned to the bank from
which the collection instruction was received without any further responsibility on the part of the
presenting bank.
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