RA and IRA

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RA and IRA

Post by dinesh2476 » Fri Jan 13, 2023 12:11 am

Hi Experts,

We request your support to correct me if am wrong.

The main difference between reimbursement authorization and irrevocable reimbursement authorization is that

RA(reimbursement authorization)- can be cancelled it any time. It does not require the approval of reimbursing bank.

IRA (irrevocable reimbursement authorization) - is team which defines the RA containing IRU instructions.

if the RA contains instruction authorizing reimbursement bank to issue IRU(irremovable reimbursement undertaking) then such IRA cannot be cancelled with out the agreement of the reimbursement bank.

Thanks & Regards
Dinesh Kumar

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Re: RA and IRA

Post by picant » Fri Jan 13, 2023 11:25 pm

hi Dinesh,

sorry for being the only person that answers, only one point if under URR 725 I dare say that it is necessary the agreement of claiming bank too, Art 7 h i and v.
Other comments appreciated.

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