The Confirmed LC is a crucial financial instrument in international trade transactions where additional payment security is required, particularly when dealing with unfamiliar jurisdictions or higher-risk markets. This document type adds a second bank's guarantee to the original Letter of Credit, providing the beneficiary with two independent commitments to pay. Under US jurisdiction, it is governed by the Uniform Commercial Code Article 5 and federal banking regulations, while also adhering to international banking practices under UCP 600. The Confirmed LC typically includes detailed specifications about the transaction, required documents, payment terms, and both banks' obligations. It is particularly useful when the beneficiary has concerns about the credit standing of the issuing bank or the economic/political stability of the issuing bank's country.
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1. LC Number and Date: Unique identifier for the LC and date of issuance
2. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
3. Confirming Bank Details: Complete name, address, and SWIFT code of the confirming bank
4. Applicant Details: Full name and address of the party requesting the LC (typically the buyer)
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller)
6. Amount and Currency: Maximum amount and currency of the LC, stated in both figures and words
7. Expiry Date and Place: Clear statement of when and where the LC expires
8. Available With/By: Specification of where and how the LC is available (payment, acceptance, negotiation)
9. Partial Shipments/Transhipment: Whether partial shipments and transhipment are allowed or prohibited
10. Loading/Dispatch/Taking in Charge: Place of taking in charge, dispatch, or loading
11. Port of Discharge/Final Destination: Final destination or port of discharge
12. Latest Date of Shipment: Final date by which shipment must be made
13. Description of Goods/Services: Brief description of the goods or services covered
14. Required Documents: Detailed list of all required documents for presentation
15. Additional Conditions: Any specific conditions or terms that must be met
16. Presentation Period: Time period within which documents must be presented after shipment
17. Instructions to Paying/Accepting/Negotiating Bank: Specific instructions for the nominated bank
1. Revolving Conditions: Include when the LC is revolving, specifying the revolving terms and reinstatement conditions
2. Red Clause Provisions: Include when advance payment is permitted, specifying terms and conditions for advances
3. Green Clause Provisions: Include when storage of goods is involved, specifying warehouse requirements
4. Transferability Conditions: Include when the LC is transferable, specifying transfer conditions and procedures
5. Back-to-Back Provisions: Include when the LC supports a back-to-back arrangement
6. Confirmation Instructions: Specific instructions regarding confirmation when special arrangements apply
7. Reimbursement Instructions: Include when special reimbursement arrangements are required
8. Special Payment Terms: Include for deferred payment or acceptance LCs, specifying the payment schedule
1. Schedule A - Document Requirements: Detailed specifications for each required document, including format and content requirements
2. Schedule B - Goods Specifications: Detailed technical specifications of the goods when required
3. Schedule C - Special Payment/Presentation Instructions: Detailed instructions for specific payment arrangements or document presentation requirements
4. Appendix 1 - UCP 600 Exclusions: List of any UCP 600 articles that are expressly excluded from applying to this LC
5. Appendix 2 - Authorized Signatures: Specimen signatures of authorized bank officials when required
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