The Irrevocable Letter of Credit (LC) is a fundamental instrument in international trade finance, particularly crucial when parties are operating across different jurisdictions and need secure payment mechanisms. This document type emerged from the need to provide certainty in international trade transactions and has evolved under both US domestic law (primarily UCC Article 5) and international banking practices (UCP 600). An LC Irrevocable serves as a bank's unwavering commitment to pay the beneficiary upon presentation of compliant documents, regardless of any disputes between the underlying parties. It is particularly valuable in situations where parties don't have established trading relationships or when dealing with high-value transactions where payment security is paramount. The document's irrevocable nature means it cannot be modified or cancelled without the agreement of all parties involved, providing essential security for international trade transactions.
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1. LC Number and Date: Unique identification number and issuance date of the Letter of Credit
2. Form of Credit: Clear statement that this is an Irrevocable Letter of Credit
3. Issuing Bank Details: Complete name, address, and SWIFT code of the issuing bank
4. Applicant Details: Full name, address, and contact information of the party requesting the LC
5. Beneficiary Details: Full name, address, and contact information of the party in whose favor the LC is issued
6. Currency and Amount: Specified currency and maximum amount available under the LC
7. Expiry Date and Place: Clear statement of when and where the LC expires
8. Documentary Requirements: Detailed list of documents required for presentation
9. Shipment Terms: Specifications for shipment including latest shipment date and partial shipments if applicable
10. Payment Terms: Specification of when and how payment will be made
11. Presentation Period: Time period within which documents must be presented after shipment
1. Advising Bank Details: Include when an advising bank is used to authenticate the LC to the beneficiary
2. Confirmation Instructions: Include when confirmation by another bank is requested
3. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
4. Back-to-Back Provisions: Include when the LC is part of a back-to-back LC arrangement
5. Red Clause Provisions: Include when advance payment to the beneficiary is permitted
6. Revolving Terms: Include when the LC is intended to revolve in value or time
7. Standby Provisions: Include when the LC functions as a standby credit
1. Document Presentation Schedule: Detailed checklist of required documents and presentation format
2. Commercial Invoice Format: Specified format and requirements for commercial invoices
3. Transport Document Requirements: Detailed specifications for bills of lading or other transport documents
4. Insurance Document Requirements: Specifications for insurance certificates or policies if required
5. Inspection Certificate Requirements: Format and content requirements for inspection certificates if required
6. Amendment Form: Standard form for requesting amendments to the LC
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