URR 525 - Expiry Date

nandinim · Post by **nandinim** » Fri Dec 14, 2001 12:00 am

As a reimbursing bank are you authorised to honour a claim received later than the expiry date as mentioned in the authorisation from the issuing bank. Also the reimbursment authorisation received from the issuing bank does not specifically state that it is subject to URR 525..

larryBacon · Post by **larryBacon** » Fri Dec 14, 2001 12:00 am

Your answer is to be found in Article 3 of URR 525. The full text of this is accessible under the heading of Rules above.

URR 525 is not obligatory for reimbursements.

Laurence

PavelA · Post by **PavelA** » Tue May 07, 2002 1:00 am

As URR 525 reflects standard international banking practice, the outcome would be most likely the same as if the reimbursement authorisation were subject to URR 525 - the reimbursing bank would be entitled to honour such a claim. The issuing bank must cancel its Reimbursement Authorisation for any unutilised portion of the Credit.

Pavel Andrle