Article 01

Application of URC 522
 

a.    The Uniform Rules for Collections, 1995 Revision, ICC Publication No 522, shall apply to all collections as defined in ARTICLE 2 where such rules are incorporated into the text of the ‘collection instruction' referred to in ARTICLE 4 and are binding on all parties thereto unless otherwise expressly agreed or contrary to the provisions of a national, state or local law and/or regulation which cannot be departed from.

b.    Banks shall have no obligation to handle either a collection or any collection instruction or subsequent related instructions.


c.    If a bank elects, for any reason, not to handle a collection or any related instructions received by it, it must advise the party from whom it received the collection or the instructions by telecommunication or, if that is not possible, by other expeditious means, without delay.