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 joint project by the ICC's Banking Commission and the International Forfaiting Association. They provide a standardised set of terms and conditions for the primary market (in which forfaiting transactions are originated from exporters and other sellers of goods and services) and for the secondary market (in which these transactions are traded on).
As with all ICC rules, they are not laws. They are rules that parties can agree to include in a contract and URF 800 sets out...
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