Uniform Rules for Bank to Bank Reimbursements – URR 725

Issuing bank requires a pre notification of 3 days before the claim is made. Where should the issuing bank state this requirement?

As per UCP 600:

Your bank has issued a reimbursement undertaking under a LC. Which of the following statements is TRUE?

Instructions issued by the Issuing Bank to the Reimbursing Bank to reimburse a claiming bank is known as:

All reimbursement authorizations must state.
l. Credit number.
ll. Currency and amount.
lll. Latest date for presentation of claim
lV. Claiming bank

Which of the following statements is NOT true?
l. A reimbursement Undertaking can be cancelled without the agreement of claiming bank.
ll. A claiming bank must communicate its acceptance or rejection of Reimbursement Undertaking Amendment to the reimbursing bank.
lll. A reimbursing bank must communicate its acceptance or rejection of I.R. amendment to the issuing bank.
lV. An Irrevocable reimbursement authorization cannot be amended or cancelled without the agreement of the reimbursing bank

A reimbursing bank shall have a maximum of ____ many days following the day of receipt of the reimbursement claim for processing the claim:

A Revocable RA states that the latest date for presentation of a claim is the same as LC expiry date 5th July. As a reimbursing bank

Which of the following statement is true?
l. A Reimbursing Bank which has issued its RU Amendment shall be irrevocably bound as of the time when the Claiming Bank communicates its acceptance of the RU amendment to the Reimbursing bank.
ll. The Reimbursing Bank which issued its undertaking is bound to agree to amend its undertaking when the Issuing Bank amends its authorization.
lll. A Reimbursing Bank is not required to accept or reject an Irrevocable Reimbursement Amendment until it has received acceptance or rejection from the Claiming Bank to its R Amendment
lV. A Reimbursement Undertaking must not have an expiry date or latest date for presentation

A reimbursement claim:
l. must be authenticated
ll. must, in the case of a RU, comply with the terms and conditions of the RU
lll. must certify all terms and conditions are complied with
lV. must be in the form of teletransmission.
The above is not true except for :

If a Reimbursing Bank refuses to issue its irrevocable undertaking, it must inform without delay

If the Reimbursing Bank is unable to pay, it must notify:

The following statements are incorrect except for:

On Jan 1, a claim was received with reimbursement due on Jan 18 ( Jan 6 & 7 being a Saturday and Sunday). When must the Reimbursing Bank provide notice of non-reimbursement? (Note: A pre-debit notification period of 3 working days is required)

On Monday Jan 1, a claim was received . Reimbursing Bank is required to provide a 3 working days pre-debit notification to the Issuing Bank. The Reimbursing Bank:

The following statements below with regards to the Issuing Bank’s primary obligation under a B2B reimbursement arrangements is/are correct except:
l. The Issuing Bank shall not require a Claiming Bank to provide a certification of compliance
ll. The Issuing Bank shall provide the Reimbursing Bank in good time with proper instructions and authorization to honor claims
lll. The Issuing Bank shall be relieved from its obligation to provide reimbursement if and when reimbursement is not received by the Claiming Bank from the Reimbursement Bank which had issued its irrevocable reimbursement undertaking
lV. The Issuing Bank shall not be responsible to the Claiming Bank for any loss of interest if Reimbursing Bank is responsible for any delay in providing reimbursement.
V. Where the Reimbursing Bank’s charges are for account of another party, the Issuing Bank is not obliged to reimburse the charges in the event the Credit is not drawn.

Cancellation of a RA while the Credit is still valid would require the Reimbursing Bank do the following but:
l. Log and note that where the RA is revocable, it is cancelled for any future claims
ll. Where an RU has been issued, it sends an RU cancellation to the Claiming Bank without delay
lll. Where an RU has been issued, it sends an RU cancellation to the Claiming Bank without delay and await their acknowledgement of acceptance or rejection to the cancellation before reverting to the Issuing Bank without delay. lV. Where an RU has been issued, it sends an RU cancellation to the Claiming Bank and acknowledges acceptance of the cancellation to the Issuing Bank without delay

Which of the following statements is FALSE with regard to URR 725?

Which of the following statements is TRUE regarding reimbursement claims?

In case the claiming bank is unable to obtain reimbursement on first demand, the issuing bank is responsible for: