The Uniform Rules for Collections (URC) were originally introduced in January 1979, under ICC Publication No. 322.
The latest revision, Publication No. 522, came into effect on 1 January 1996.
As with all revisions of international rules, changes were introduced in order to keep abreast with commercial developments and practices.
URC 522 is divided into 26 articles under 7 distinct sections:
A. General Provisions and Definitions - articles 1-3
B. Form and Structure of Collections - article 4
C. Form of Presentation - articles 5-8
D. Liabilities and Responsibilities - articles 9-15
E. Payment - articles 16-19
F. Interest, Charges and Expenses - articles 20-21
G. Other Provisions - articles 22-26
This subject is covered in far greater detail within our training module ‘documentary collections in practice which can be purchased at https://www.tradefinance.training/shop/