The Documentary Letter of Credit (LC) is a fundamental instrument in international trade finance, particularly crucial when parties are operating across different jurisdictions and legal systems. Under United States law, specifically UCC Article 5, and international banking practices (UCP 600), this document provides a secure payment mechanism that protects both buyers and sellers in international transactions. It is typically used when parties don't have established trading relationships, when local regulations require LCs for import/export, or when the transaction value or risk level necessitates bank involvement. The document contains detailed specifications for required documentation, payment terms, and conditions that must be met for payment to be released. It represents an irrevocable commitment by the issuing bank to pay the beneficiary upon presentation of compliant documents, making it a preferred method of payment in international trade.
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1. LC Number and Date: Unique identification number of the LC and date of issuance
2. Parties: Clear identification of all parties: Issuing Bank, Beneficiary, Applicant, and Advising Bank (if applicable)
3. Amount and Currency: The credit amount and currency of payment
4. Form of Credit: Specification that this is an irrevocable documentary credit
5. Available With/By: Specifies where and how the credit is available (payment, acceptance, negotiation)
6. Expiry Date and Place: Clear statement of expiration date and location
7. Required Documents: Detailed list of all required documents for presentation
8. Shipment Terms: Latest shipment date and shipment details
9. Description of Goods/Services: Clear description of the underlying goods or services
10. Presentation Period: Time period within which documents must be presented
11. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed or prohibited
12. Governing Law: Specification of applicable law and rules (typically UCP 600)
1. Transfer Conditions: Include when the LC is transferable, specifying conditions for transfer
2. Red Clause: Include when advance payment to the beneficiary is permitted
3. Green Clause: Include when storage of goods is involved with advance payment
4. Revolving Conditions: Include for revolving LCs, specifying reinstatement terms
5. Back-to-Back Provisions: Include when the LC is part of a back-to-back arrangement
6. Deferred Payment Terms: Include when payment is to be made at a future date after document presentation
7. Confirmation Instructions: Include when confirmation is requested or authorized
8. Special Conditions: Any additional terms specific to the transaction
1. Document Checklist: Detailed checklist of required documents with specific requirements for each
2. Commercial Invoice Requirements: Specific requirements for the format and content of commercial invoices
3. Transport Document Requirements: Detailed requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Specific requirements for insurance certificates or policies
5. Bank Contact Details: Complete contact information for all banks involved in the transaction
6. Fee Schedule: Breakdown of all applicable banking charges and fees
7. Amendment Form: Standard form for requesting amendments to the LC
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