We provide lender-ready capital raise packaging and debt or equity placement support for business owners and buyers looking to secure serious term sheets and close funding on a defined timeline.
For business owners and acquirers pursuing private debt or equity, submit your deal for review. We revert within one working day with next steps and either a quote for our services.
For pre-submission discussions, we offer paid consultations. To initiate underwriting and lender outreach, submit the deal.
Trade Finance Rules And Legal Frameworks
URF 800 is the ICC Uniform Rules for Forfaiting. It is a contractual rulebook that parties can incorporate into forfaiting transactions to standardize definitions, document expectations, payment mechanics, and liability allocation.
URF 800 is not a funding product. It is not a guarantee. It is a framework that reduces ambiguity after the parties choose to apply it.
Official publication reference: ICC Uniform Rules for Forfaiting (URF 800)
Forfaiting is the purchase of trade receivables at a discount, typically medium or longer tenor, structured on a without recourse basis. The exporter converts a future payment stream into cash while transferring obligor and country-related risk to the forfaiter, subject to the agreed structure and representations.
If you want an official plain-English definition, see the U.S. Department of Commerce overview of forfaiting at trade.gov. Industry participation and best-practice work is associated with organizations such as the International Trade and Forfaiting Association (ITFA).
URF 800 does not replace the underlying sales contract, transport contract, or governing law. It does not remove the need for enforceable security, credible counterparties, or compliant payment mechanics. It standardizes the forfaiting relationship between parties, including how confirmations, documents, and notices are handled.
URF 800 is organized as a set of Articles and Annexes. The Articles cover application, definitions, interpretation, without recourse mechanics, primary and secondary market conditions, document standards, payments including payment under reserve, liabilities, and notices. Annexes include model agreement forms and a SWIFT-format template for forfaiting documentation workflows.
| URF 800 Component | What It Covers |
|---|---|
| Application, Definitions, Interpretation | How URF applies, how key terms are defined, how terms should be read in the agreement. |
| Without Recourse | Baseline concept of risk transfer, and boundaries where liabilities can remain through representations and agreed terms. |
| Primary Market | Forfaiting agreement formation, conditions, and what constitutes satisfactory documents. |
| Secondary Market | Confirmation mechanics, conditions, and document expectations when a forfaited exposure is sold onward. |
| Payment, Payment Under Reserve | Payment mechanics and the operational option to pay while reserving rights pending final resolution of issues. |
| Liabilities, Notices | Party responsibilities and how notices must be issued and handled. |
| Annexes | Model forfaiting agreements and templates, including a SWIFT-format annex. |
A practical way to think about URF 800 is that it separates two related worlds.
In underwriting terms, the primary market is about the integrity of the original obligor and instrument. The secondary market is about transfer mechanics, notice discipline, and clean chain of documentation.
The commercial idea of forfaiting is without recourse. The exporter does not want repayment risk to remain on its balance sheet. In practice, transactions still carry representations, warranties, and conditions that allocate risk if an instrument is invalid, forged, unenforceable, or not as represented.
Forfaiting is documentation-sensitive. URF 800 addresses what constitutes satisfactory documents in both primary and secondary market contexts. In real files, this becomes a checklist problem: proof of instrument authenticity, guarantee or aval validity, and consistency between transaction terms and the instruments being discounted.
This is where rule families intersect. Documentary credits sit under UCP 600, while standbys often incorporate ISP98. Demand guarantees often follow URDG 758. URF 800 is separate, but the same reality applies: documents must be achievable, consistent, and operationally reviewable.
URF 800 includes a concept of payment under reserve. Operationally, it reflects a controlled compromise: payment can be made while reserving rights pending resolution of outstanding issues. This is relevant where speed matters, but the parties want to avoid conceding legal position by paying unconditionally.
In transaction management, this needs tight notice discipline and clear reserve language. Weak drafting here often leads to disputes about waiver and acceptance.
Notices are not administrative. Notices are how you preserve rights. If a party misses a notice requirement or uses ambiguous channels, it can lose the ability to reject documents, reserve rights, or enforce conditions.
In packaged mandates, we map the notice pathway, responsible parties, and timing assumptions into the deal memo. That is part of making a file underwriter-friendly.
URF 800 includes model agreements and templates, including a SWIFT-format annex. The point is not to force every deal into one shape. The point is to reduce drafting variance and create a baseline that trade desks can read quickly.
URF 800 is a contractual framework. Mandatory local law still matters. Assignment and priority issues depend on jurisdiction. Receivables financing sits inside broader legal systems that govern the effectiveness of assignments, debtor defenses, and priority between competing claims.
For a credible international law reference point on receivables assignment, see the UNCITRAL Convention on the Assignment of Receivables in International Trade (2001). Even if a jurisdiction has not adopted it, the document frames the legal obstacles that routinely kill cross-border receivables financing.
Forfaiting is exposed to trade-based financial crime risk when documents or pricing are used to disguise flows. Banks and funds apply layered controls. A useful industry baseline is the joint compliance guidance developed across banking and trade bodies.
Sanctions screening is also operational, not theoretical. For U.S. list screening tools, see OFAC Sanctions List Search. For EU restrictive measures reference mapping, see the EU Sanctions Map.
Validate instrument type, signatures, authorization, guarantee or aval structure, and enforceability assumptions in the relevant jurisdiction.
Define what counts as satisfactory documents. Eliminate document conditions that are not operationally achievable.
Map assignment mechanics, debtor notice approach where applicable, and the notice timelines needed to preserve rights.
UBO transparency, source of funds narrative, sanctions screening evidence, and TBML risk flags review.
URF 800 matters most when you want institutional capital, secondary liquidity, or both. Our packaging work focuses on turning a trade concept into a file a credit committee can approve. That includes transaction flow engineering, underwriting-grade modeling, document checklists, and where required, coordination of independent legal opinion.
Related internal pages: Trade Finance Deal Packaging and Deal Packaging Service.
If your transaction uses receivables discounting, guarantees, or LC mechanics and you want institutional underwriting standards, submit the file for review.
Submit Your DealNo. URF 800 applies only when parties incorporate it into their agreement. It is a standardized framework, not a statutory requirement.
Not automatically. Many structures still include representations and conditions. Without recourse addresses repayment risk, not instrument invalidity or misrepresentation risk.
Primary market relates to origination. Secondary market relates to onward transfer of a forfaited exposure, where confirmation, transfer mechanics, and document chain discipline dominate.
They cover different instruments. URF 800 governs forfaiting when incorporated. UCP 600 governs documentary credits. ISP98 is commonly used for standby credits. URDG 758 is used for demand guarantees.
No. Local law determines enforceability, assignment effectiveness, and priority issues. URF 800 standardizes the contract mechanics between parties.
Control and enforceability gaps. Weak instrument validation, unclear document conditions, and poor notice discipline create avoidable rejection risk.
This page is for general information only and does not constitute legal, tax, investment, or regulatory advice. URF 800 is a contractual framework that must be incorporated by agreement. Cross-border enforceability depends on applicable law, jurisdiction, and executed documentation.
Financely advises growth-focused businesses on accessing capital by introducing their opportunities to professional investors. Financely is not a securities broker or dealer. Where appropriate, engagements are coordinated with regulated broker-dealers, investment banks, legal counsel, and other specialists.
Financely does not solicit, offer, or accept orders to buy or sell securities and makes no assurance regarding capital-raising outcomes.
Services are strictly business-to-business. Financely does not provide personal finance, consumer credit, or retail advisory services.
Advisory services are reserved for post-revenue companies that recognize the time and resources required for professional underwriting.
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All mandates start with an RFQ. We review submissions, issue a brief Go/No-Go memo, and where bankable, release a Term Sheet that leads to funding. We arrange capital across Senior Secured, Unitranche, Second Lien/Mezzanine, Preferred Equity, and Gap Solutions. We do not process deals by email or chat.
Letters of Credit, Standby LCs, Confirmations, Receivables Finance, and Inventory Lines with control.
Funding arranged for trade flows with instruments sized to your cycle and aligned to delivery and settlement.
Move forward to secure working capital and keep goods moving. Submit the RFQ to start underwriting for funding.
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Financely Inc. (“Financely”) provides corporate-finance advice and is wholly owned by Aurora Bay Trust, a trust formed under Bahamian law, together with its authorized affiliates. Depending on deal structure, jurisdiction, and local rules, engagements may be carried out through Financely Group LLC, a non-deposit-taking, non-banking financial company; Ashford Capital Advisory LLC; or another related entity.
Financely and its affiliates are not registered as securities broker-dealers and do not execute securities transactions or hold client funds or securities. When a mandate involves the purchase or sale of securities and a registered intermediary is required, any orders are introduced to and executed by one or more independent U.S. broker-dealers registered with the SEC and FINRA. Those broker-dealers are solely responsible for trade execution, custody, and related regulatory obligations. Nothing in this material constitutes an offer, solicitation, or recommendation to buy or sell any security or to engage in any specific transaction. Before engaging Financely Group LLC, Ashford Capital Advisory LLC, or any affiliate, you are responsible for confirming that such engagement complies with your own legal, regulatory, tax, and other requirements. In the United States, certain advisory activities may be conducted in reliance on exemptions available under the Investment Advisers Act of 1940, including the “foreign private adviser” exemption where applicable. Our services and regulatory status may vary by jurisdiction and by transaction type.
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