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Bank payment obligations: moyens de re`glement alternatifs dans le commerce international

Author: Klaus VORPEIL

Type: Article

ref: 1201441-54

N0: 1 de 2014

Pages: 41-54

A bank payment obligation (BPO) is an irrevocable conditional undertaking given by a bank to another bank that payment will be made on a specified date after a successful electronic matching of data. BPOs are designed for open account transactions. They are an alternative means of settlement in international trade. The ICC has developed rules for BPOs (URBPO) that provide a legal framework for them in worldwide practice.