ICC Czech Republic seminar focuses on URF 800

The Banking Commission of the International Chamber of Commerce (ICC) in Czech Republic hosted a one day seminar to promote discussions on the Financing of Receivables, Forfaiting and most importantly URF 800. In the spirit of encouraging the use of URF 800, Mr. Milan Figala, Head of Forfaiting and Receivable Discounting at Komercni banka a.s., and Mr. Pavel Andrle, Secretary Banking Commission, International Trade Consultant and Lecturer outlined the main Forfaiting techniques and practises, as well as the main features of URF 800.

During the event, there was the official launch of the translation of the URF 800 into the Czech language, giving the guests the opportunity to discuss further these rules.

It is hoped that the seminar will assist the ITFA in its efforts to promote the use of URF 800 by its members. The ITFA would like to express its gratitude to the ICC in fostering an environment of cooperation, increasing interest and awareness of the essential ground rules for Forfaiting.

In January 2013, the URF 800 was introduced which provides 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.