This is advise everyone - particularly my banker friends - that an updated version of the ICC Publication, called Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) was approved by the ICC on 16 April 2008 and has been released very recently. This update to the rules of the URR was necessary to align them with UCP 600 which came into use from 1 July 2007.
The latest revision of the URR will be known as ICC Publication No. 725, or URR 725.
The new document will come into effect from 1 October 2008.
Quoting from [Catalyst]:I am not Banker, but .. thank you for the information ...This is advise everyone - particularly my banker friends - that an updated version of the ICC Publication, called Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) was approved by the ICC on 16 April 2008 and has been released very recently. This update to the rules of the URR was necessary to align them with UCP 600 which came into use from 1 July 2007.
The latest revision of the URR will be known as ICC Publication No. 725, or URR 725.
The new document will come into effect from 1 October 2008.