ICC Uniform Rules for Bank-to-Bank Reimbursements under DC
ICC's Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) have recently been revised. The revision, ICC Publication No. 725, was necessary to bring these long-standing rules into conformity with UCP 600, ICC's universally used rules on letters of credit, which came into effect on 1 July 2007.
URR 725 contains a number of technical changes from the previous version, URR 525, and will be used by all letter of credit practitioners who elect to incorporate the revised URR into their letters of credit. This revision was approved by the Commission on Banking Technique and Practice on 15-16 April 2008.