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UNIFORM RULES FOR BANK-TO-BANK REIMBURSEMENTS URR725
APPROVED ON 15-16.04.2008. IN FORCE SINCE
01/10/2008
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A. GENERAL PROVISIONS AND DEFINITIONS
Article 1. Application of URR
The Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits ("rules"), ICC Publication No. 725, shall apply to any bank-to-bank
reimbursement when the text of the reimbursement authorization expressly indicates that it is subject to these rules. They are binding on all parties
thereto, unless expressly modified or excluded by the reimbursement authorization. The issuing bank is responsible for indicating in the
documentary credit ("credit") that reimbursement is subject to these rules.
In a bank-to-bank reimbursement subject to these rules, the reimbursing bank acts on the instructions and under the authority of the issuing bank.
These rules are not intended to override or change the provisions of the Uniform Customs and Practicefor Documentary Credits.
Article 2. Definitions
For the purpose of these rules, the following terms shall have the meaning specified in this article and may be used in the singular or plural as
appropriate:
a. "Issuing bank" means the bank that has issued a credit and the reimbursement authorization under that credit.
b. "Reimbursing bank" means the bank instructed or authorized to provide reimbursement pursuant to a reimbursement authorization issued by the
issuing bank.
c. "Reimbursement authorization" means an instruction or authorization, independent of the credit, issued by an issuing bank to a reimbursing bank
to reimburse a claiming bank or, if so requested by the issuing bank, to accept and pay a time draft drawn on the reimbursing bank.
d. "Reimbursement Amendment" means an advice from the issuing bank to a reimbursing bank stating changes to a reimbursement authorization.
e. "Claiming Bank" means a bank thathonours or negotiates a credit and presents a reimbursement claim to the reimbursing bank. "Claiming Bank"
includes a bank authorized to present a reimbursement claim to the reimbursing bank on behalf of the bank that honours or negotiates.