The LC in Shipping document is essential for international trade transactions conducted under UAE law, where secure payment and delivery mechanisms are crucial. It is typically used when parties seek a secure method of conducting international trade, especially in situations involving significant transaction values or when trading with new partners. The document provides a bank's guarantee of payment to the seller while ensuring the buyer receives the goods as specified. Under UAE jurisdiction, these documents must comply with Federal Law No. 18 of 1993 (Commercial Transactions Law), UAE Maritime Commercial Law, and international banking standards (UCP 600). The LC includes specific details about the transaction, including payment terms, shipping requirements, document requirements, and compliance conditions. This type of document is particularly relevant in the UAE's context as a major global trading hub, where Letters of Credit are frequently used to facilitate secure international trade transactions.
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1. LC Number and Reference: Unique identification number of the LC and any reference numbers
2. Form/Type of Credit: Specification of whether it's irrevocable, transferable, revolving, etc.
3. Date of Issue: Date when the LC is issued
4. Applicant Details: Full name and address of the party requesting the LC (usually the buyer)
5. Beneficiary Details: Full name and address of the party in whose favor the LC is issued (usually the seller)
6. Issuing Bank Details: Name and address of the bank issuing the LC
7. Currency and Amount: Currency and amount of the LC, both in figures and words
8. Available With/By: Specification of where and how the credit is available (payment, acceptance, negotiation)
9. Expiry Date and Place: When and where the LC expires
10. Shipment Terms: Latest shipment date, partial shipments, transhipment provisions
11. Port Details: Port of loading and discharge
12. Goods Description: Detailed description of the goods being traded
13. Required Documents: List of all documents required for presentation
14. Additional Conditions: Any special conditions or terms applicable to the LC
15. Charges: Details of banking charges and who bears them
1. Advising Bank Details: Details of the advising bank, if different from the issuing bank
2. Confirmation Instructions: Used when confirmation is requested from another bank
3. Transferability Clause: Include when the LC needs to be transferable to another beneficiary
4. Reimbursing Bank Details: When a separate reimbursing bank is involved in the transaction
5. Special Payment Terms: For cases involving deferred payment or acceptance terms
6. Red Clause Provisions: When advance payment facilities are to be included
7. Green Clause Provisions: When storage facilities are to be included in the LC
8. Revolving Terms: For LCs that reinstate after each drawing
9. Back-to-Back Provisions: When the LC is issued against another LC
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specifications
2. Schedule B - Goods Specification: Detailed technical specifications of the goods
3. Schedule C - Special Instructions: Any special instructions for document preparation or presentation
4. Appendix 1 - UCP 600 Application: Specific articles of UCP 600 applicable to this LC
5. Appendix 2 - Bank Format Requirements: Specific format requirements for banking documents
6. Appendix 3 - Shipping Terms: Detailed shipping and delivery terms including Incoterms
7. Appendix 4 - Amendment Format: Standard format for future amendments to the LC
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Shipping & Maritime
Logistics
Import/Export
Manufacturing
Retail
Commodities Trading
Agriculture
Oil & Gas
Construction Materials
Consumer Goods
Relevant Teams
Legal
Finance
Trade Operations
Treasury
Compliance
Procurement
Supply Chain
Shipping & Logistics
Risk Management
International Trade
Documentary Credits
Commercial Operations
Relevant Roles
Trade Finance Manager
Import/Export Manager
Documentary Credit Specialist
International Trade Coordinator
Shipping Manager
Compliance Officer
Treasury Manager
Credit Controller
Supply Chain Manager
Procurement Manager
Trade Operations Officer
Banking Relationship Manager
Legal Counsel
Finance Director
Commercial Director
Logistics Manager
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