Forfaiting Uniform Rules for Forfaiting (URF 800)

Published on February 10, 2013

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
  • Liabilities

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Uniform Rules for Forfaiting

ICC Publication No. 800
Paperback, 2012 Edition
Price: $35.00
ISBN: 978-92-842-0184-6

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Published on February 10, 2013

Staff Contact:   Greg Tondi

Controller
Tel: 212.703.5080

Greg Tondi serves as USCIB’s Manager of Accounting and Finance, bringing with him expertise in not-for-profit and private sector accounting, finance and academics. Prior to joining USCIB, Tondi was Controller at the College of St. Elizabeth in Morristown, NJ for the past couple of years. Before assuming his Controller position at the College of St. Elizabeth, Tondi was an Associate Manager of Accounting and Financial Analyst for Prudential Financial. He also spent several years as a high school teacher. Tondi enjoys teaching and continues as an Adjunct Professor at New Jersey City University where he received his Masters in Accounting. Tondi received his Bachelor of Science in Finance from Rutgers University. He co-published an industry paper on the impact of the Sarbanes-Oxley Act on small businesses. Tondi is a Certified Public Accountant in the state of New Jersey.
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