what is ICC URR 525?

Question

the term or procedure regarding International Trade

Answer 1

(m)

ICC Uniform Rules for Bank-to-Bank Reimbursements Under Documentary Credits (URR 525) was developed as set of Rules to document worldwide practice and standardize the processing of bank-to-bank reimbursements. Used in conjunction with UCP 500, Article 19, URR 525 sets forth a series of concepts to facilitate the reimbursement process.

URR 525 makes it clear that reimbursements are not irrevocable commitments.
Clarifies the issues surrounding expiry of reimbursements.
Establishes a reasonable time, not to exceed three banking days, for reimbursing bank to process claims.
States clearly the conditions under which reimbursement claims do and do not have to be authenticated
Specifies the items that a claiming bank must include in its claim if required by the credit and/or the reimbursement undertaking

Answer 2

The RULES covering international parties setting up financing using Letters of Credit.

Risk Management in International Trade Finance: http://www.tolee.com/html/col290.htm
says: "Risk from India, Bangladesh and Nigeria; Caution areas in ICC URR 525 Rules"
Later they say: "ICC URR 525 Rules for Bank-to-Bank Reimbursements."

There is a good Power Point show here: http://72.14.203.104/search?q=cache:sOm6GFud13EJ:198.66.218.240/presentations/wc05/Finance_Accounting/1107_Kraus.ppt+%22ICC+URR+525%22&hl=en&gl=us&ct=clnk&cd=3
You don't need the Power Point program to be on your computer to watch it. It's only 37 pages long.

Answer 3

I want to see reverse swing back in the game. Clearly it is the venom of the bowlers and cricket is not just art of batting. Again, by making frequent changes ICC is making a mass. What ICC should think of now is how to reduce umpiring mistake close to 0.

Answer 4

NOT SURE SORRY!