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The ICC Uniform Rules for Collections are a practical set of rules to aid bankers, buyers, and sellers in the collections process. URC 522 rules came into effect on 1 January 1996 and remain ICC’s standard rules for collections.
The URC underline the need for the principal and/or the remitting bank to attach a separate document—the collection instruction—to every collection subject to the Rules; makes it very clear that banks will not examine documents; addresses problems banks experience in respect of documents against acceptance and documents against payment; clearly indicates that banks have no obligation to store and insure goods when instructed.
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