ICC Uniform Rules for Forfaiting details how forfaiting facilitates the provision of finance to the international trade community. It eliminates certain risks, improves Cash Flow and can considerably speed up and simplify transactions. The International Chamber of Commerce (ICC) and the International Forfaiting Association (IFA) have joined forces to provide the business community with the first ever Uniform Rules on Forfaiting (URF 800).
The value of the forfaiting market is estimated at more than 300 billion USD annually. In effect since 1 January 2013, ICC’s URF now provide a standard set of rules that reflect a broad consensus among bankers, users and all members of the forfaiting community worldwide. The use of global rules and standards helps avoid misunderstandings, harmonizes best practice around the globe and facilitates dispute settlement. Clear definitions and practical model agreements, also included in this edition, will help further understand and efficiently apply the present rules.
ICC Uniform Rules for Forfaiting (URF 800) cover controversial subjects and clarify complex issues such as :
- Forfaiting agreements and conditions in the primary market
- Forfaiting confirmations and conditions in the secondary market
- Payments and payments under reserve
- And more
Created by experts for experts, ICC URF is a must-have for anyone involved in international trade finance transactions.
The ICC Commission on Banking is a leading global rule-making body for the banking industry. It produces universally accepted rules and guidelines for international banking practice.
Founded in August 1999 and with more than 140 members, the International Forfaiting Association aims to foster business relationships and enable best practice among those engaged in the ever-expanding global Trade Finance community.