A Usance LC (Letter of Credit) is a crucial financial instrument used in international trade transactions where deferred payment terms are required. It is particularly useful when buyers need extended payment terms while ensuring sellers receive a bank-backed payment commitment. Operating under US jurisdiction and international banking practices, the Usance LC provides a structured framework for deferred payment, typically ranging from 30 to 180 days after document presentation. The document incorporates specific requirements for document presentation, payment terms, and compliance with both US banking regulations and international trade practices. It serves as a vital tool for trade finance, offering security to sellers while providing buyers with payment flexibility.
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1. Letter of Credit Number and Date: Unique LC identification number and issuance date
2. Applicant Details: Full name and address of the party requesting the LC (buyer/importer)
3. Beneficiary Details: Full name and address of the party receiving the LC (seller/exporter)
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 beneficiary
6. Credit Amount and Currency: Maximum amount and currency of the LC
7. Usance/Payment Terms: Specific terms of deferred payment, including maturity period
8. Latest Shipment Date: Final date by which shipment must be made
9. Expiry Date and Place: Date and location where LC expires
10. Required Documents: List of documents required for presentation
11. Goods Description: Detailed description of merchandise covered by LC
12. Incoterms: Specified international commercial terms
13. Partial Shipments/Transhipment: Whether partial shipments or transhipment are allowed
1. Confirming Bank Details: Include when LC requires confirmation by another bank
2. Transferability Clause: Include when LC needs to be transferable to another beneficiary
3. Red Clause: Include when advance payment to beneficiary is permitted
4. Green Clause: Include when storage of goods is involved with advance payment
5. Insurance Instructions: Include when specific insurance requirements need to be detailed
6. Special Payment Conditions: Include when there are specific conditions for acceptance or negotiation
7. Back-to-Back Provisions: Include when LC is part of a back-to-back arrangement
1. Draft/Bill of Exchange Form: Standard form for time draft under the LC
2. Document Presentation Checklist: Detailed checklist of required documents and their specifications
3. Commercial Invoice Template: Prescribed format for commercial invoice if required
4. Transport Document Requirements: Detailed specifications for bills of lading or other transport documents
5. Banking Instructions Form: Form detailing specific banking procedures and requirements
6. Amendment Request Form: Standard form for requesting amendments to the LC
7. Discrepancy Notice Template: Standard format for noting document discrepancies
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