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ONE
STEP
CLOSER
Uniform Rules for Forfaiting have moved
a step closer following the third meeting
of the Drafting Group in late January.
By RICHARD WILLSHER
F
ollowing a third meeting of the Drafting Group
in London in January, Uniform Rules for
Forfaiting (URF) are a step closer. Dubbed the
UCP of forfaiting, the new rules are likely to affect
everyone involved in the market.
Although a delivery date for a set of global rules
to act as a standard for forfaiting is not cast in stone,
the committee has in mind a broad target date of
autumn 2011. However, Drafting Group Chairman
Don Smith emphasises that, “We are working towards
a quality product, not to a predetermined deadline just
for deadline’s sake.”
The Drafting Group is comprised of ten
members, five each from the International Forfaiting
Association (IFA) and the International Chamber of
Commerce (ICC). The ICC is the body which, among
other things, publishes the Uniform Customs and
Practice (UCP) for Documentary Credits, which has
been the bible for letter of credit (LC) transactions
since it was first conceived in 1933, and which has
been though a series of revisions since then.
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