TOP URR725 ARTICLE 9 MCQ

Test Your Knowledge: URR 725 Article 9 Quiz (3-Day Rule Explained)

URR 725 Article 9 Quiz: Master the 3-Day Rule

Think you understand the 3-day reimbursement rule under URR 725? Test your knowledge with these scenario-based questions. Perfect for IIBF aspirants and trade finance professionals!

1. When does the 3-day timeline for reimbursement begin?

a) When the Claiming Bank submits the claim

b) When the Reimbursing Bank receives the claim

c) When the Reimbursing Bank confirms compliance with the RA

Answer: c)

2. A Reimbursing Bank receives a compliant claim on Friday (non-holiday). When is the payment due?

a) Monday

b) Tuesday

c) Wednesday

Answer: b) (3 banking days: Fri, Mon, Tue)

3. True or False: The 3-day rule applies even if the Reimbursing Bank identifies discrepancies.

Answer: False (The timeline pauses until discrepancies are resolved.)

URR 725 Article 9 Quiz

Question 1/10

Progress: 1/10

4. Which document does the Reimbursing Bank verify under Article 9?

a) Bill of Lading

b) Reimbursement Authorization (RA)

c) Certificate of Origin

Answer: b)

5. A claim is submitted on Thursday, but the Reimbursing Bank confirms compliance on Friday. If Saturday and Sunday are holidays, when is payment due?
a) Monday
b) Tuesday
c) Wednesday
Answer: b) (3 banking days: Fri, Mon, Tue)

6. Who bears responsibility if the Reimbursing Bank delays payment beyond 3 days without valid reason?

a) Issuing Bank

b) Reimbursing Bank

c) Claiming Bank

Answer: b)

7. What happens if a claim is submitted 1 day after the RA’s expiry date?

a) The Reimbursing Bank extends the deadline

b) The claim is rejected

c) The Issuing Bank is notified

Answer: b)

8. Which ICC publication works alongside URR 725’s 3-day rule?

a) UCP 600

b) Incoterms 2020

c) ISP98

Answer: a)

9. The Claiming Bank submits documents on time, but the Reimbursing Bank delays payment by 4 days. What URR 725 article is violated?

a) Article 6

b) Article 9

c) Article 3

Answer: b)

10. True or False: The 3-day rule includes weekends if the Reimbursing Bank operates on Saturdays.

Answer: False (“Banking days” exclude weekends unless the bank is open and declares them as working days.)

Answer Key

1. c | 2. b | 3. False | 4. b | 5. b | 6. b | 7. b | 8. a | 9. b | 10. False

How Did You Score?

8-10 Correct: URR 725 Guru! 🏆

5-7 Correct: Solid Understanding – Review Article 9 for perfection.

Below 5: Revise URR 725 timelines and retake the quiz!