Uniform Rules for Collections (URC)

Uniform Rules for Collections (URC) are a set of regulations created by the International Chamber of Commerce (ICC) to systematize payment collection via documentary collections. They are codified under ICC Publication No. 522, addressing procedures like the presentation of documents, types of collections (sight collections, acceptance collections), and the roles of banks in collection processes. This standardization ensures uniformity across international transactions, reducing disputes and ambiguities. Organizations rely on URC to manage documentary collections for export and import trades.