The Unconfirmed LC is a fundamental trade finance instrument used in international commerce when parties seek a secure payment method with bank assurance. It represents the issuing bank's irrevocable commitment to pay, though without additional confirmation from another bank. This document is particularly relevant in US-based international trade transactions where the exporter is comfortable with the creditworthiness of the issuing bank. The document includes detailed specifications for payment conditions, required documentation, shipping terms, and compliance requirements, all structured according to US banking regulations and international standards such as UCP 600. It serves as a critical tool in managing international trade risks while facilitating commerce between parties who may not have established business relationships.
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1. Letter of Credit Number and Date: Unique identification number and issuance date of the LC
2. Applicant Details: Full name and address of the party requesting the LC (typically the buyer)
3. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (typically the seller)
4. Issuing Bank Details: Name and address of the bank issuing the LC
5. Advising Bank Details: Name and address of the bank advising the LC to the beneficiary
6. Amount and Currency: Value of the LC and currency of payment
7. Expiry Date and Place: Validity period and location where documents must be presented
8. Available With/By: Terms of availability and payment method (sight, deferred payment, acceptance, or negotiation)
9. Partial Shipments/Transhipment: Whether partial shipments or transhipment is 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: Detailed description of the goods or services covered by the LC
14. Documents Required: List of all documents required for presentation
15. Additional Conditions: Any special conditions or terms applicable to the LC
16. Charges: Specification of which party bears which bank charges
1. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
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 Terms: Include for recurring shipments where the LC automatically reinstates
5. Back-to-Back Provisions: Include when the LC will be used to support issuance of another LC
6. Tolerance Provisions: Include when quantity/amount variations are permitted
7. Insurance Instructions: Include when specific insurance requirements need to be detailed
8. Special Payment Terms: Include for unusual payment arrangements or conditions
1. Commercial Invoice Template: Standard format for commercial invoice presentation
2. Packing List Requirements: Detailed specifications for packing list preparation
3. Transport Document Requirements: Specific requirements for bills of lading or other transport documents
4. Insurance Document Requirements: Format and requirements for insurance certificates
5. Inspection Certificate Requirements: Standards for inspection certificates if required
6. Beneficiary's Certificate Format: Template for any required beneficiary certifications
7. Price Calculation Formula: For transactions with variable pricing elements
8. Document Presentation Schedule: Timeline and process for document presentation
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