Usages of URR with URC

Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
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berry
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Joined: Fri Nov 07, 2008 11:36 pm

Usages of URR with URC

Post by berry » Sun Mar 01, 2009 8:15 pm

Hi!

we all know that URR is used for payment instructions in case of LC. i would like to know if it is possible to quote URR in the collection instructions?
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picant
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Joined: Wed Aug 20, 2008 1:49 pm

URR725

Post by picant » Sun Mar 01, 2009 8:59 pm

Hi Pals,

IMHO no, those rules are specific for bank to bank reimbursement under documentary credits, due to different position of the banks.
In URC a bank has to collect money and transfer it asap, as per instructions.
Other comments appreciated

Ciao
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akomolpa
Posts: 54
Joined: Thu Mar 12, 2009 5:04 pm

I agree

Post by akomolpa » Fri Oct 02, 2009 12:11 pm

I agree.
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