ICC Uniform Rules for Forfaiting
By ICC Banking Commission (ICC) & International Forfaiting Association (IFA)
First-ever set of rules, ICC Uniform Rules for Forfaiting provides clear definitions and practical model agreements. In the U.S. forfaiting is known as “structured trade finance,” and every year, more than $300 billion of world trade takes place using forfaiting.
Developed by ICC and IFA, the use of these global rules and standards will help avoid misunderstandings, reduce risk, harmonize best practice around the globe, and facilitate future dispute settlement. These rules went into effect on January 1, 2013.
ICC Uniform Rules for Forfaiting (URF) cover controversial subjects and clarify complex issues such as:
- Forfaiting agreement and conditions in the primary market
- Forfaiting confirmations and conditions in the secondary market
- Payments and payments under reserve
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