Legal Aspects of Documentary Collections
The Uniform Rules for Collections (URC) form the basis for the processing of documentary collections. They govern the essential rights and obligations of the parties to the agreement.
Please note: * The current URC 522 guidelines, published by the International Chamber of Commerce, Paris, have been in force since 1 January 1996 and are extremely well established internationally.
o Art. 1-3 General Provisions and Definitions
o Art. 4 Form and Structure of Collections
o Art. 5-8 Form of Presentation
o Art. 9-15 Liabilities and Responsibilities
o Art. 16-19 Payment
oArt.20-21 Interest, Charges and Expenses
oArt. 22-26 Other Provisions
* Alongside the URC 522, local legislation governing documentary collections also remain important.