New ICC Rules For Forfaiting
The International Chamber of Commerce (ICC) has issued its new Uniform Rules for Forfaiting (URF 800) which became effective on 1 January 2013.
Forfaiting is a form of trade finance which originally simply involved the purchase of negotiable instruments on a non-recourse basis. It was primarily used to finance trade with the USSR. It is now used more widely throughout the world and the underlying payment obligations are documented in a variety of ways.
These new rules were developed as a...
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